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Aspen to launch four projects in second half this year

SINGAPORE (May 17): Penang-based property developer and glove manufacturer Aspen (Group) Holdings Ltd (Aspen Group) is aiming to unveil four projects in second half FY2021, according to The Edge Singapore’s report.

The Singapore-listed company has released a business update on implications of the reinstatement of movement control order (MCO 3.0) on its main business segments on May 17.

In the statement, the developer said construction activities, including its ongoing developments in Penang  Vivo Executive Apartment and Viluxe, will be “affected slightly” by the MCO 3.0.

Nevertheless, Aspen noted there are plans to roll out new projects including the second phase of Viluxe  a residential development in Aspen Vision City; a high-rise development in Tanjung Bungah, Penang; and a serviced apartment project in Kajang, Selangor.

In addition, Aspen’s logistics and warehousing associate Global Vision Logistics, as well as LOGOS SE Asia, is targeting to launch a phased development of an integrated logistics and warehousing facility in Shah Alam, Selangor. 

According to the report, the total gross leasable area for the planned five warehouse blocks will be approximately 589,000 sq m upon completion.

Meanwhile, the company also noted that its glove manufacturing business is “on track” despite strict standard operating procedure compliance during the MCO 3.0 period. 

The staff in the manufacturing plant is divided into three teams working on eight-hour shifts; while 70% of the management staff is working from home.

Aspen said although there will be a slight delay, the company will be able to meet its contractual obligations, with the first shipments scheduled for delivery by end-May.

It also added that phase 2 of the manufacturing facility is expected to be completed by October and this will add up another 24 production lines when the manufacturing plant starts its operation in 1Q2022.

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