Aspen diversifying into logistics business following land purchase

GEORGE TOWN: Aspen (Group) Holdings Limited is diversifying into the logistics business following the signing of a sales and purchase agreement to acquire 71 acres of industrial land in Shah Alam, Selangor from Chemical Company of Malaysia Bhd for RM190mil.

Group president and chief executive officer Datuk M Murly said the plan is to develop it into a sustainable integrated logistics, warehousing and e-commerce hub.

“It will accommodate warehouses, storage areas, distribution centres, offices, e-commerce services, transportation hub and pack- aging facilities that enjoy direct access to KTM lines and major highways.

“The industrial land is ready for immediate development,” he said in a press release.

Aspen entered into the sales and purchase agreement on Nov 30 via its 30% associate company, Global Vision Logistics.

“Due to its central location in Shah Alam, the project will become one of the most strategic logistics hubs in the country.

“The proposed development will benefit from existing amenities and infrastructure including major roads and highways, direct access to KTM stations, universities, public schools, retails shops, hospital and other recreational facilities.

“We are now finalising the master plan and the gross development value will be determined by the group at a later date,” Murly added.

He said logistic industry is the backbone of the supply chain and has played an important role in stimulating trade and economic growth.

“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,” he said.

With the transformation of Industry 4.0 and the evolution of e-commerce, the group will transform the project into a forward-thinking world-class logistics hub, as well as sustainable and integrated industrial facilities and advanced intelligent services, Murly added.

“The land has the potential for a quick turnaround development model, of which it will provide advanced and integrated logistics facilities and services not only to the local players but also to the regional and international players.

“We believe this particular development will enhance the attractiveness of the recently launched Digital Free Trade Zone initiated by the Malaysian government. We are positive on the land acquisition and confident that the proposed logistics, warehousing and e-commerce hub will contribute significant recurring income for the group,” he added.