Aspen plans property project worth RM300mil

KUALA LUMPUR: Aspen (Group) Holdings Ltd plans to build service apartments in Seri Kembangan, Selangor with an estimated gross development value (GDV) of RM300mil.

The Singapore-listed property company said the Selangor Agricultural Development Corp (PKPS) had accepted a tender by its unit Aspen Vision Development Sdn Bhd to redevelop a piece of leasehold commercial land.

The size of the land is 12,185 sq m and it is subject to a joint venture agreement to be executed with PKPS. Under the joint venture, Aspen Group is investing RM 58.8 mil.

“The land is ready for immediate development and the group intends to build service apartments complete with full facilities.”

Based on current plans, sale of the development is expected to take place from 2019 with the development scheduled for completion within four years from the date of the JV deal.

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.

On the location, Aspen said it was off the Damansara-Puchong Expressway and near existing amenities and infrastructure.

Aspen Group president and CEO Datuk M. Murly said this development woud provide a very good opportunity to venture into the central region, where it will be able to replicate its the successful affordable home business model in Penang.