KUALA LUMPUR (Oct 20): Permodalan Nasional Berhad (PNB), KWEST Sdn Bhd and AREA Group of Companies (AREA) have entered into a joint venture (JV) for the development of COMPASS @ Kota Seri Langat (KSL), a freehold integrated industrial and logistic hub in Selangor.
The JV agreement was signed by PNB’s indirect wholly-owned subsidiary MIDF Property Bhd, AREA’s special purpose vehicle AREA Industrial Development Holdings Sdn Bhd as well as KWEST which is Kumpulan Wang Persaraan’s (KWAP) wholly-owned subsidiary and its special purpose investment platform for real estate development.
COMPASS @ KSL, which carries a gross development value (GDV) of RM1.4 billion, will be built on a 220-acre site. The industrial and logistics hub is set to provide a fully integrated suite of services to logistics and e-commerce operators, manufacturers as well as SMEs in the light and medium industries.
The gated and guarded development will offer “built-to-suit” warehouses and manufacturing facilities of sizes ranging from 100,000 sq ft to 1,000,000 st ft for sale or lease, and smaller “built for sale” detached factories of 8,000 sq ft to 50,000 sq ft.
Strategically located between North Port and West Port, KLIA and Shah Alam, COMPASS @ KSL looks to leverage on the growing demand for warehouses brought about by the Fourth Industrial Revolution and the Covid-19 pandemic.
“COMPASS @ KSL’s strategic location will benefit from the strong growth in e-commerce and Malaysia’s unique position in the global supply chain. In addition, this collaboration with AREA and KWEST will positively contribute to the development of Kota Seri Langat, the township established by PNB Development Sdn Bhd,” PNB president and group chief executive Ahmad Zulqarnain Onn said in a press statement today.
“As the property development investment arm for KWAP, KWEST looks forward to working closely with PNB and AREA in seeing the tremendous opportunities in this project realized,” KWEST Sdn Bhd CEO Sufian Abdullah noted.
AREA executive chairman Datuk Stewart LaBrooy shared that the company has been working on this development plan for over four years since 2016. “We are delighted to have both PNB and KWEST as our partners in the JV. We see this as a start of a journey to build world class industrial estates to attract future foreign direct investments to Malaysia which in turn will bring with them employment opportunities for higher paying jobs for our graduates,” he added.
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