AREA plans industrial, logistics hub in Selangor

PETALING JAYA: AREA Group of Companies and PNB Development Sdn Bhd have inked an agreement to buy 86ha of land in Selangor for RM320 million.

AREA, through its special purpose vehicle AIDF Industrial Park Sdn Bhd, has signed a sales and purchase agreement with Seriemas Development Sdn Bhd, a subsidiary of master developer PNB Development Sdn Bhd, to acquire the freehold industrial land in Kota Seri Langat.

The land has a gross development value of RM4 billion.

AREA is planning Selangor’s first gated-and-guarded, fully integrated and serviced industrial and logistics park named The Compass @ Kota Seri Langat on the site.

The site will offer built-to-suit warehouses and manufacturing facilities with sizes ranging from 200,000 to one million sq ft.

Smaller detached small and medium factories of 12,000 to 75,000 sq ft will be built to cater to the demand for medium-sized facilities in the Klang Valley.

The Compass is located in the centre of a triangulation between Port Klang and West Port, Kuala Lumpur International Airport and Shah Alam, and provides instant access to the Klang Valley via a dedicated link to the upcoming West Coast Expressway.

It will feature landscaped environment, professional park management, 24-hour security, clubhouse and sports facilities, purpose-built workers accommodation, and custom-built mega warehouses and factories.

Looking at emerging new global trends and demands in the industrial and logistics sectors, AREA executive chairman Datuk Stewart LaBrooy said there was a need to reinvent industrial real estate offerings in the country.

“We need to take advantage of the coming wave of investments arising from China’s Belt and Road initiative, as well as multinationals diversifying their operations to Malaysia, to reduce any risk arising from impending trade wars,” he said in a statement.