World-class logistics hub to liven up the capital city of Selangor
19 Jan 2021
Selangor will house one of the world’s largest logistics, warehousing, and e-commerce hub and the world-class development could liven up the state’s capital city and spur demand for property.
The logistics hub will be developed over six to seven years on about 29 hectares within the Section 16 industrial zone in Shah Alam, at a cost of RM1.5 billion by Australia’s LOGOS SE Asia Pte Ltd, via a special purpose vehicle (SPV) called Global Vision Logistics (GVL) Sdn Bhd.
GVL, which acquired the land in 2017 is a 30 per cent associated company of Penang-based developer and Singapore-listed firm Aspen (Group) Holdings Limited.
LOGOS has entered into a JV with GVL, a transaction brokered by Knight Frank Malaysia, by way of 60 per cent share subscription by LOGOS into the project SPV.
Upon the completion of this exercise, Aspen Group, through Aspen Vision Properties Sdn Bhd will hold 12 per cent of GVL.
Knight Frank Malaysia managing director Sarkunan Subramaniam said the project will create employment for the locals.
“It could spur demand for properties in the area as some locals who plan to get jobs there, may want to relocate to be closer to the project,” he told NST Property.
“Shah Alam is located in a very strategic location within Klang Valley. This hub aims to assist many companies in their last-mile delivery. It is good that LOGOS is investing here. It is a large hub to serve the consumers for logistics. Overall, this is good for Selangor,” he said.
The project comprises a total development area of eight million square ft and a net leaseable area of five million sq ft, spanning across five warehouse blocks.
The first block in the multi-storey facility is expected to be ready in three years.
Knight Frank Malaysia executive director of capital markets Allan Sim said the investment by LOGOS is by far the largest industrial project in terms of square footage here and in the Asia Pacific region.
He expects the logistics hub will be one of the world’s best development.
Source: NST
