The Edge : PNB, KWEST, AREA form JV to develop 220-acre industrial site
KUALA LUMPUR (Oct 20): Permodalan Nasional Bhd (PNB), through its indirect wholly-owned subsidiary MIDF Property Bhd; KWEST Sdn Bhd, a wholly-owned subsidiary of Kumpulan Wang Persaraan (Diperbadankan) (KWAP); and the AREA Group of Companies (AREA), via its special purpose vehicle AREA Industrial Development Holdings Sdn Bhd, have signed a joint-venture (JV) agreement for the development of a 220-acre industrial and logistics hub, COMPASS @ KSL in Kota Seri Langat, Selangor.
PNB president and group chief executive Ahmad Zulqarnain Onn said in a press release: “This partnership is in line with PNB’s real estate investment strategy and philosophy of partnering with leading real estate players. COMPASS @ KSL’s strategic location will 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.”
COMPASS @ KSL has a gross development value of RM1.4 billion. The development will be gated and guarded with a fully integrated suite of services for logistics and e-commerce operators, manufacturers, and small and medium enterprise (SME) industries.