Ageson sells Perak land to Chinese firm for RM278mil

KUALA LUMPUR: Ageson Bhd is selling a plot of land in Perak ZheJiang GuoRong Digital Economy Group Ltd (ZGDEG) for RM278 million.

Ageson, in a statement today, said ts subsidiary Ageson Holdings Sdn Bhd (AHSB) had entered into a sale and development agreement with ZGDEG.

Ageson said the land was part of a mixed development land measuring 192.2 hectares where the company holds the exclusive development rights with Menteri Besar Incorporated (Perak) (MBI Perak).

"This mixed development project comprising government agencies and administration units, industrial, commercial and residential development, has a total estimated gross development value of RM1.24 billion," it said. 

Under the agreement, Ageson said AHSB would execute and complete the infrastructures works and construction works in accordance with the specification and requirements of ZGDEG.

In return, ZGDEG will give AHSB the first right of refusal to be the developer of the industrial lots with buildings there.

Ageson executive director Datuk Seri Chin Kok Foong said the sale and development would create synergistic opportunities and benefits to both parties to leverage and tap on their respective strength, experience and expertise in construction.

"Given ZheJiang Group's strong track record in China with industrial parks projects, this is in line with Ageson's vision to introduce the new model of Industrial Park," said Chin. 

Ageson executive director Datuk Seri Liew Kok Leong said the development would provide earnings visibility for the next few years while also expanding the company's income base through the development of built-to-suit industrial space. 

"We understand that the first stage of the development is to build an Economic Industrial Park with an integration of the ecosystem," said Liew. 

The company is optimistic that the development will be able to increase the overall value of the properties within the local vicinity while creating job opportunities for the people.

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