GEORGE TOWN: Aspen (Group) Holdings Ltd plans to develop a RM300mil residential development scheme in Seri Kembangan with Selangor Agricultural Development Corp (PKPS) as part of its strategy to penetrate into the central region.

Aspen is investing RM58.8mil to acquire the development rights for the redevelopment of a piece of commercial land totalling 12,185 sq m in Seri Kembangan, Selangor via a joint venture with PKPS.

According to the terms and conditions of the joint-venture, PKPS as the landowner is entitled to a consideration of RM58.8 mil, equivalent to 20% of the project’s gross development value.

Aspen Group president and chief executive officer Datuk M Murly said the group intended to develop a RM300mil GDV project comprising service apartments complete with full facilities.

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