KUALA LUMPUR, PTT Synergy Group Bhd has announced plans to acquire 4.56 hectares of freehold land in Rawang, Selangor, for RM60 million to develop a commercial warehouse featuring an automated storage and retrieval system (ASRS).
In a filing with Bursa Malaysia, the construction group said the single-storey industrial facility will be leased to a third party upon completion. The project is expected to generate RM22.2 million in annual rental income.
The land, divided into eight parcels, is being purchased by PTT Logistics Hub 2 Sdn Bhd, a wholly owned subsidiary focused on renting and operating ASRS-equipped warehouses. The seller is Koperasi Kakitangan Bank Rakyat Bhd.
PTT noted the acquisition price represents a slight discount from the market value of RM62.32 million, as appraised by independent valuer City Valuers & Consultants Sdn Bhd. The purchase will be fully funded through a mix of internal funds and bank borrowings.
The group expects to spend RM270 million on the warehouse development, which will be financed similarly. Construction is scheduled to begin on July 31 and is targeted for completion within 18 months.
PTT anticipates finalising the land deal within four months.
Shares of PTT Synergy closed 2.42% higher at RM1.27 on Friday, bringing its market capitalisation to RM548.85 million. The stock has gained over 12% year-to-date.
