KUALA LUMPUR: Permodalan Nasional Bhd has teamed up with Kumpulan Wang Persaraan (Diperbadankan) and Area Group to develop 89 hectacres in Kota Seri Langat, Selangor into an industrial and logistics hub with a gross development value of RM1.4 billion.
In a joint statement today, the companies said the industrial and logistic hub named COMPASS @ KSL would be gated and guarded with a fully integrated suite of services for logistics and e commerce operators, manufacturers, and light and medium SME industries.
The project will be undertaken by PNB's indirect wholly-owned unit MIDF Property Bhd, KWAP's wholly-owned KWEST Sdn Bhd and Area.
"The site will be offering 'built-to-suit' warehouses and manufacturing facilities for sale or lease with sizes ranging from 100,000 square feet to 1,000,000 square feet.
"Smaller detached factories of 8,000 square feet to 50,000 square feet located at the SME Precinct in the park will be built for sale," they said.
PNB president and group chief executive officer Ahmad Zulqarnain Onn said the partnership was in line with its real estate investment strategy and philosophy of partnering with leading real estate players.
Ahmad Zulqarnain said COMPASS @ KSL's strategic location would benefit from the strong growth in e-commerce and Malaysia's unique position in the global supply chain.
"In addition, this collaboration with AREA and KWEST will positively contribute to the development of Kota Seri Langat, the township established by PNB Development Sdn Bhd," he said.
KWEST chief executive officer Sufian Abdullah said the company had partnered with leading players in the industry to see innovative development projects such as COMPASS@KSL come to life.
"As the property development investment arm for KWAP, we look forward to working closely with PNB and Area in seeing the tremendous opportunities in this project realised," said Sufian.
COMPASS@KSL is located in the centre of a triangulation between North Port and Westport, KLIA and Shah Alam, and enjoys instant access to the Klang Valley via a dedicated link to the upcoming West Coast Expressway.
The companies said this would help meet the demand of SME wishing to operate from a world class industrial facility in the Klang Valley.