Sime Darby Property managing director Datuk Seri Amrin Awaluddin said the JV project would have a GDV of about RM530mil.
KUALA LUMPUR: Sime Darby Property Bhd
is teaming up with Japan's Mitsui & Co., Ltd. and Mitsubishi Estate Co., Ltd to build industrial facilities on a 39-acre site at the Bandar Bukit Raja integrated township in Klang.
Sime Darby Property managing director Amrin Awaluddin said on Thursday this JV project would have a gross development value (GDV) of about RM530mil.
He said this was a significant step forward towards realising the full potential of Bandar Bukit Raja as a full-fledged integrated development.
Sime Darby Property holds 50% of the joint venture company. The other 50% is held by Mitsui, through its Malaysian subsidiary.
Mitsubishi Estate Co. Ltd is expected to participate in this joint venture indirectly through its 40% holding in Mitsui M-Co. Mitsubishi Estate’s participation is still subject to approval of licences and permits by the relevant regulatory authorities.
Amrin said the project was a significant step forward towards realising the full potential of Bandar Bukit Raja as a full-fledged integrated development.
“The partnership further reinforces our land management strategy in unlocking the value of our substantial land assets through direct development, strategic partnerships and joint-ventures or strategic monetisation.
He pointed out this key venture in the industrial logistics development would enable it to increase recurring income.
The strategy would act as a catalyst in attracting more economic activity in its township developments, increase employment in the local communities and spur demand for our housing products.
The built-to-suit industrial facilities, comprising warehouses and logistics facilities, offer tailored features to suit operational requirements of business tenants.
These include specific floor loading capacity, optimum number of loading bays and height clearance. It will also be designed to ensure efficient maneuvering of vehicles.
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