In a statement yesterday, Aspen Group said its subsidiary Aspen Park Hills Sdn Bhd had signed a conditional sales and purchase agreement with Geo Valley Sdn Bhd for the land purchase.
Meanwhile, Geo Valley will invest in a 25% equity stake in Aspen Park Hills, in which Aspen Vision Homes Sdn Bhd holds the remaining 75%.
Aspen Vision is a joint-venture (JV) company between Aspen Group (60%) and Oxley Holdings (M) Sdn Bhd, a subsidiary of Singapore-listed Oxley Holdings Ltd.
Aspen Vision marks Aspen Group’s first JV with Oxley.
Parts of the land are currently approved by the local council for a mixed development and for constructing part of the Jalan Bukit Kukus paired road linking Thean Teik Highway from Air Itam to Jalan Paya Terubong.
The JV partners intend to replan the development scheme to improve the project’s viability and accelerate the construction of the paired road for the community’s benefit.
The project is proposed to be developed in different phases comprising residential towers with communal facilities, serviced apartments, lifestyle retail facilities and a private clubhouse.
Aspen Group group chief executive officer Datuk M Murly said the land is situated on an elevated ground in Penang, and that the group seldom comes across such an opportunity to acquire a sizeable freehold land bank in a matured community.
“Our ambition is to bring an exciting modern urbanisation to the community in Air Itam, Farlim and Paya Terubong by offering the latest integrated development at affordable price points.
“We are very confident about bringing a fresh outlook and enhanceing the proposition to these areas in the near future,” he said in the statement.
This article first appeared in The Edge Financial Daily, on June 25, 2019.
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