Mapletree Logistics Trust to acquire two land parcels in Malaysia for $21m
The property is located in Subang Jaya, a logistics hub.
Mapletree Logistics Trust (MLT) eyes the acquisition of two parcels of leasehold industrial property in Malaysia for a total purchase price of around $21m (RM65.6m).
The property is located in Subang Jaya, an established industrial and logistics cluster attached to Klang Valley. Nearby areas include the Kuala Lumpur city centre and Port Klang via direct access to the Federal Highway and North Klang Valley Expressway.
The total land area is 257,000 square feet, and is a 20 minute drive from other assets owned by MLT. The property’s location also makes it suitable as a alternative centre location and last mile delivery centre for e-commerce operators.
Whilst the deal is still subject to relevant regulatory approvals, the combination of the property, along with MLT’S Subang 3 and Subang 4 can inflate the land parcel size to about 482,00 sqft. Further redevelopments in the area could also result in a potential gross floor area of around 1,400,000 sq.ft. MLT’s s Subang 3 and 4, in particular, can find an increase in plot ratio by fives times to 700,000 sqtf, post redevelopment.
Currently, a valuation of $21.83m (RM67.9m) was observed by First Pacific Valuers Property Consultants Sdn Bhd, as of January 24, 2022. The property is also not expected to generate any income distribution until its estimated completion by 2027.