AREA Management Sdn Bhd has inked a memorandum of business exploration (MoBE) for a technology park project with Malaysia Airports Holdings Bhd (MAHB) recently.
The MoBE was exchanged at the Farnborough International Airshow 2016, which outlines plans to develop a Grade A Technology Park adjacent to the Sultan Abdul Aziz Shah Airport at Subang.
The 60-acre park will be the core for aerospace manufacturing and component MRO (manufacturing, repair and overhaul), which will cater the suppliers of the aerospace industry to set up supply operations or manufacturing plants near the airport.
The technology park project is a part of the Subang’s aerospace ecosystem development.
“I am pleased to say that with this project we are on track with our goals to meet AREA’s vision of developing Grade A industrial assets in Malaysia to attract clients from the growing aerospace sector, a sector I believe is core to our investment platform. All this has been made possible because of our partnership with MAHB,” said AREA executive chairman Datuk Stewart LaBrooy.
He noted that major players within the aerospace industry will look to produce more components as well as sub-assemblies for the production of their planes in Asia, driven by a large number of planes and growing air travel in Asia as Malaysia is becoming a key passenger hub for budget travel.
The first of its kind in the Klang Valley, the technology park is set to be a gated, guarded and managed facility with two offerings — build to sell and build to lease.
Recently, AREA launched its maiden investment, which is the development of the RM600 million Grade A warehousing facility in Ampang, Selangor.
Set to be completed in 2018, Inner-City Logistics Centre is nestled on a 17-acre site, with a built-up of 1.2 million square feet of net lettable space. The facility is the biggest single warehouse to be built in Malaysia.
Image credits: skyscrapercity.com
Mangalesri Chandrasekaran, Editor at PropertyGuru, edited this story. To contact her about this or other stories email mangales@propertyguru.com.my
