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Friday, 18 May 2018

(The Star) Sime Darby Property in tie-up with Japanese companies

PETALING JAYA: Sime Darby Property Bhd will develop industrial facilities on a 39-acre site at Bandar Bukit Raja in Klang, in partnership with Japan’s Mitsui & Co Ltd and Mitsubishi Estate Co Ltd.

According to Sime Darby Property managing director Amrin Awaluddin, the project is estimated to have a gross development value of RM530mil.

He said this was a significant step towards realising the potential of Bandar Bukit Raja as a full-fledged integrated development.

“This key venture in the industrial logistics development will allow us to increase recurring income, act as a catalyst in attracting more economic activities in our township, increase employment in the local communities and spur demand for our housing products,” he said in a statement.

Sime Darby Property holds 50% of the joint-venture company. The other 50% is held by Mitsui, through its Malaysian subsidiary (Mitsui M-Co).

Mitsubishi Estate Co Ltd is expected to participate in the 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.

Sime Darby Property pointed out that the built-to-suit industrial facilities, comprising warehouses and logistics facilities, offered 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.

The project will be the third joint venture for Mitsui and Mitsubishi Estate, besides logistics facility development in China and the United States.