Aspen to invest RM58.8m in Selangor residential project

KUALA LUMPUR (Jan 15): The Aspen Group will invest RM58.8 million to redevelop a piece of commercial land in Selangor through a joint venture with the Selangor Agricultural Development Corp (PKPS), the Business Times reported today.

The 12,185 sq m land in Seri Kembangan will be developed into a residential project with a GDV of about RM300 million.

Sales are expected to begin from 2019, said Aspen.

Aspen said the land is in a prime location within a mature residential township with established infrastructure and amenities.

PKPS will receive RM47.59 million in cash, with the remaining RM11.25 million payable with apartment units at a 10% discount to the market rate, reported the Business Times.

Aspen is a Penang-based property development company.

The group is well known for its Aspen Vision City project, a 245-acre freehold mixed-use development in Bandar Cassia, Batu Kawan, Penang.

Aspen Vision City carries a total GDV of RM8 billion comprising a central transport hub, an international school, condominiums and suites, hotels, medical centre and healthcare facilities, shopoffices, apartments, a central island park, office towers, a shopping mall, and commercial and retail spaces.