Oxley forms JV with Malaysian developer Aspen

The JV will acquire 29.05 acres of freehold land for $3.2m.

Oxley Holdings formed a joint venture with Malaysian developer Aspen (Group) Holdings to develop a mixed-use integrated project in Penang Malaysia, an announcement revealed.

The project will comprise residential towers with communal facilities, service apartments, lifestyle retail facilities and a private clubhouse.

Aspen Park Hills signed a conditional sales and purchase agreement with Geo Valley to acquire seven pieces of freehold land measuring 29.05 acres in Paya Terubong for $3.2m (RM165m). Geo Valley has 25% equity in Aspen Park Hills.

Aspen Vision Homes (AV Homes) owns 75% stake in Aspen subsidiary, Aspen Park Hills, whilst Oxley Malaysia holds a 40% stake in AV Homes.