Malaysian property developer Aspen Group Holdings on Thursday said its associate company, Global Vision Logistics bought industrial land in Shah Alam, Selangor for 190 million Malaysian ringgit (about S$63 million).
Global Vision purchased 71 acres of industrial land from Chemical Company of Malaysia Berhad, which is involved in making fertilizers, chlor-alkali, pharmaceutical, and healthcare products.
The land is strategically located in Section 16 Shah Alam, off the Batu Tiga Toll along the Federal Highway and enjoy direct access to the Kampung Jawa KTM Station and parallel to the railway track, Aspen said in a regulatory filing.
The proposed development will benefit from existing amenities and infrastructure including major roads and highways, direct access to KTM stations, retails shops, hospital and other facilities.
"Large scale logistic infrastructure will boost the country's competitiveness and the acquisition of this parcel of land marks the first step of our long-term vision in venturing into the logistic, warehousing and e-commerce business segment," said Dato' M. Murly, President and Chief Executive Officer of Aspen Group.
After the acquisition, the Group's landbank will increase to 334 acres.
Shares in Aspen Group Holdings were unchanged at S$0.20 on the Singapore Exchange.