GEORGE TOWN: Aspen (Group) Holdings Limited has announced that its wholly owned subsidiary company, Aspen Vision Development has signed a joint venture agreement with the Selangor Agricultural Development Corporationor known as Perbadanan Kemajuan Pertanian Selangor (PKPS), to redevelop a piece of leasehold commercial land totalling 12,185 square metres in Seri Kembangan, Malaysia.
The total gross development value of this project is estimated at RM 300 million. This is the first development project in Central Region by the Group.
Under the joint venture, PKPS as the landowner shall be entitled to a consideration of Malaysian Ringgit (RM) 58.8 million, equivalent to 20% of the project’s gross development value and the expected development timeline shall be four years from the date of fulfillment of certain condition precedents pursuant to the joint venture agreement.
The land is strategically situated in a prime location within a matured residential township in Seri Kembangan with ready amenities and infrastructure. It is just off the Damansara-Puchong Expressway, a major expressway in Klang Valley which is heavy commuted by motorists. This land is also easily accessible via major access roads and highways, including Putrajaya-KLIA Expressway, Puchong-Sungai Besi Highway, North South Expressway and SKVE Expressway.
Neighbouring the land is a giant hypermarket, the Alice Smith British International School, retail shops and an integrated commercial development and lifestyle amenities which future residents can enjoy within close proximity, a statement said.
Furthermore, it also has direct access to two newly proposed MRT stations, with a train journey to Kuala Lumpur city centre taking appropriately 30 minutes. The land is ready for immediate development and the Group intends to build service apartments complete with full facilities.
Based on current plans, the launch of the development is expected to take place in Q42019. The Group is confident of creating another successful development in the Central Region by bringing the similar affordable development business model from Penang, in which homes developed in strategic urban location with value-added services are offered to the home purchasers.
This will appeal to aspiring home buyers, especially first home buyers residing in Klang Valley.
“This development gives us a very good opportunity to venture into the Central Region by modelling the successful affordable home business model that we have created in Penang. We believe it will strongly appeal to young first home buyers as it is strategically located within the matured urban residential township and it also enjoys unparalleled accessibility and connectivity to any part in the Klang Valley, including Putrajaya,” said Dato’ M. Murly, President and Group Chief Executive Officer of Aspen Group.
“This is our first joint venture development with PKPS and we hope we can redefine property development in Selangor with our strength in providing a package of value-added home services to our home buyers through our partnership with IKEA Southeast Asia.” Dato’ M. Murlyadded.
Listed on the SGX-Catalist on 28 July 2017, Aspen (Group) Holdings Limited is a Malaysia-based property group developing affordable residential and mixed development properties at strategic locations with good infrastructure and amenities for middle-income mass market purchasers.[the_ad id=”31605″]