KUALA LUMPUR: AME Elite Consortium Bhd has set up a joint venture with Kuala Lumpur Kepong Bhd (KLK) to develop a new industrial park in Ijok, Selangor.
The partnership brings together two industry leaders to create a green-inspired industrial park catering to diverse industrial space requirements of businesses.
AME Elite executive director and group chief executive officer Dylan Tan Teck Eng said this marks a significant step in its strategic expansion across Malaysia.
"Selangor is a key growth region for industrial development, and this project will leverage our core strengths in creating sustainable, integrated industrial parks that attract high-value investments," Tan said in a statement.
KLK executive chairman Tan Sri Lee Oi Hian said this partnership presents a key step in its expansion strategy, allowing it to further unlock the value of our property development portfolio in Peninsular Malaysia.
"Collaborating with AME Elite offers us a unique opportunity to leverage their established expertise in industrial property development, reinforcing KLK Land's growth initiatives and positioning us for continued success in this new venture," said Lee.
According to AME Elite, the JV will operate through Oasis Innovation Sdn Bhd (OI), 60 per cent owned by the former and 40 per cent by KLK.
OI will oversee the development and operation of the industrial park.
"OI has entered into a sale and purchase agreement with KLK to acquire freehold land in Mukim Ijok, Daerah Kuala Selangor with a nett development area of 151.2 acres for a total consideration of RM230.5 million," it said.
The proposed development will encompass a comprehensive range of industrial facilities that cater to diverse business needs.
It also holds the potential for worker accommodations and commercial components to create a self-sustaining and vibrant industrial ecosystem.