PETALING JAYA: PTT Synergy Group Bhd
’s wholly owned unit PTT Logistics Hub 2 Sdn Bhd, has entered into eight separate sale and purchase agreements with Koperasi Kakitangan Bank Rakyat Bhd to acquire eight parcels of freehold land in Gombak, Selangor for a total cash consideration of RM60mil.
In a filing with Bursa Malaysia, the group said it plans to develop a single-storey industrial facility equipped with an automated storage and retrieval system (ASRS) on the lands, which will subsequently be leased to a third party upon completion.
The land parcels collectively span up to 7,215 sq m, with individual prices of up to RM9.5mil.
The proposed development is expected to cost RM270mil and will be funded with a mix of internally generated funds and bank borrowings.
Construction is slated to begin on July 31, 2025, with completion targeted within 18 months.
Upon completion, the facility is expected to generate annual rental income of RM22.2mil.
PTT Synergy noted the land acquisition will support its investment strategy to develop a fully automated commercial warehouse and reinforce its commitment to providing end-to-end intralogistics solutions.
