SINGAPORE (Nov 30): Aspen Group’s associated company Global Vision Logistics (GVL) has entered into a sale and purchase agreement to acquire three plots of leasehold industrial land for a total of RM 190 million ($62.4 million).

Aspen’s wholly-owned subsidiary, Aspen Vision Properties, owns a 30% stake in GVL.

Located in Shah Alam, Selangor, the three plots span a total of 287,153 sqm, which is ready for immediate development.

The group intends to develop the land into a sustainable integrated logistics, warehousing and e-commerce hub.

This will include warehouses, storage areas, distribution centres, offices, e-commerce services, transportation hub and packaging facilities that enjoy direct access to KTM lines and major highways.

Aspen says the site is expected to be one of the most strategic logistics hubs in Malaysia following the completion of the proposed development.

The acquisition is expected to be funded by bank borrowings and internal resources.

“Large scale logistic infrastructure will boost the country’s competitiveness and the acquisition of this parcel of land marks the first step of our long-term vision in venturing into the logistic, warehousing and e-commerce business segment,” says M. Murly, president and chief executive officer of Aspen Group.

“With the transformation of Industry 4.0 and the evolution of e-commerce, we will transform this piece of industrial land into a forward thinking world-class logistics hub, with sustainable and integrated industrial facilities and advanced intelligent services,” he adds.

This story, written by Stanislaus Jude Chan, first appeared on The Edge Singapore.