PETALING JAYA: AREA Management Sdn Bhd, the project management company of the AREA Industrial Development Fund 1 (AIDF-1), has entered into a memorandum of business exploration (MoBE) with Malaysia Airports Holdings Bhd (MAHB) for a technology park project.
The MoBE, which was exchanged at the Farnborough International Airshow 2016, outlines a project to develop a 60 acre Grade A Technology Park located adjacent to the Sultan Abdul Aziz Shah Airport at Subang.
The park will focus on aerospace manufacturing and component MRO (manufacturing, repair, and overhaul) and is set to cater for suppliers of the aerospace industry wishing to set up manufacturing plants or supply operations adjacent to the airport.
The project is part of the further development of the aerospace ecosystem in Subang, which is also aligned to the development of the recently launched KLIA Aeropolis.
“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,” AREA executive chairman Datuk Stewart LaBrooy said in a statement yesterday.
He said major players in the aerospace industry will look to produce more components and sub-assemblies for the production of their planes in Asia, driven by the rapidly growing air travel in Asia, Malaysia becoming a major passenger hub for budget travel and the large number of planes on order in Asia.
The park is planned to be a gated, guarded and managed facility with two offerings namely build to lease or build to sell, making it the first of its kind in the Klang Valley.
AREA recently launched its maiden investment, the development of the RM600 million Inner-City Logistics Centre and land clearing will commence soon.
The Grade A warehousing facility is located in Ampang, Selangor, with land size of 17 acres, and built up of 1.2 million square feet of net lettable space, making it the largest single warehouse ever built in Malaysia. The project is scheduled to be completed in 2018.
— THE SUN