By Sharen Kaur - July 25, 2023, Published in NST Property
sharen@nst.com.my
HULU LANGAT: The COMPASS @ Kota Seri Langat (Compass @ KSL), a green-managed industrial park in Selangor that offers ready-built and built-to-suit industrial products, has attracted a significant new multinational corporation (MNC).
Datuk Stewart LaBrooy, executive chairman of AREA Management Sdn Bhd, confirmed that the MNC, which specialises in cold storage solutions, has come in, but he declined to disclose more information.
COMPASS @ KL, a green-certified project with a gross development value of RM1.4 billion, is situated on 89 hectares of freehold industrial land.
It is a joint venture (JV) between Permodalan Nasional Berhad (PNB) through its indirect wholly-owned subsidiary MIDF Property Bhd; KWEST Sdn Bhd, a wholly-owned subsidiary of Kumpulan Wang Persaraan (Diperbadankan) (KWAP); and AREA Group of Companies through their subsidiary AREA Industrial Development Holdings Sdn Bhd.
The Compass @ KSL, launched on August 25, 2022, features two concepts.
The first concept is the green-certified Compass Industrial and Logistics Park on 48.5ha, where the warehouses are customised and built based on the needs of the clients.
The second concept is Compass SME Precinct on 23.8ha with ready-built factories and warehouses.
"The SME precinct construction has begun, and we are due to complete it in late 2024 or early 2025. The construction of the industrial and logistics park will go full swing once our planning permission has been approved," he told NST Property.
According to LaBrooy, sales have been positive since the launch, nearing 60 per cent in total for both the SME precinct and the industrial and logistics park.
He said a renewed appreciation for industrial buildings has resulted from the demand for new storage space, which has been principally driven by the exponential expansion of e-commerce during the epidemic.
LaBrooy said this demand was not lost on the traditional developers of housing and commercial products, who rushed into building industrial properties and converting their landbanks into industrial estates.
"The industrial property market today seems to be on the verge of a fresh bubble due to a mismatch between the product types being produced in large quantities for sale and what industrialists actually need," he said.
LaBrooy said that the AREA Group is expanding its business beyond specific projects by foraying into new markets and regions.
"We want to diversify our offerings and provide personalised solutions to satisfy the increasing demands of businesses in diverse places. One of the initiatives is the continuous expansion of the COMPASS @ KSL, which serves as a key growth area in Selangor," he said.
AREA is also involved in the construction of the Delapan DC Park, a special economic zone in Kedah near the Thai border, which would have a campus for data centres.
According to LaBrooy, the Delapan DC Park project will expand the group's portfolio of work by meeting the growing demand for data centres and providing cutting-edge facilities created to support the expanding needs for digital infrastructure.
No comments:
Post a Comment