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AME Elite, Majestic Builders to jointly develop RM1 bil GDV industrial park in Penang

AME Elite, Majestic Builders to jointly develop RM1 bil GDV industrial park in Penang

18 Aug 2022

Industrial space solutions provider AME Elite Consortium Bhd and Majestic Builders will jointly develop a RM1 billion gross development value (GDV) integrated industrial park in Seberang Perai Tengah, Penang.

To undertake the development, AME Elite’s wholly owned subsidiary, Northern Industrial Park Sdn Bhd, and Majestic Builders have established Suling Hill Development Sdn Bhd as their special-purpose vehicle (SPV).

“The SPV has entered into a sale and purchase agreement (SPA) with landowner Waz Lian Holdings Sdn Bhd to acquire the 71.21-hectare freehold development land for RM130 million,” AME Elite said in a statement on Thursday (Aug 18). 

The acquisition would be satisfied partly via cash amounting to RM80 million, while the remaining consideration of RM50 million is anticipated to be settled via industrial properties from the intended industrial park development within 24 months upon fulfilment of the SPA conditions.

“AME Elite intends to replicate its proven fully integrated industrial park model in Penang, with custom-built industrial properties amply supported by fit-for-purpose workers’ dormitories,” it said.

Group managing director Kelvin Lee Chai said the proposed acquisition is targeted to be completed by the third quarter of 2023.

“This strategic acquisition is consistent with AME Elite’s strategy of expanding our i-Parks beyond Johor and we anticipate the next seven years to be exciting as this potential RM1 billion GDV project comes into fruition,” he said.

Lee noted that the group has launched five industrial parks in Johor, with the largest being the i-Park @ Indahpura, followed by i-Park @ Senai Airport City, i-TechValley in SiLC, i-Park @ SiLC, and District 6 @ SiLC.

Source: Bernama