SINGAPORE (June 24): Aspen Group Holdings, the Malaysian property developer, is partnering Oxley Holdings to develop a mixed-use integrated project on Penang Island.

Spanning across 29.05 acres (1.27 million sf), the project comprises residential towers with communal facilities, service apartments, lifestyle retail facilities and a private clubhouse.

Aspen Group’s subsidiary company, Aspen Park Hills Sdn Bhd, has signed a conditional sale and purchase agreement with Geo Valley Sdn Bhd, a member of the Lone Pine group, to acquire seven pieces of freehold land in Paya Terubong for 165 million ringgit ($54 million) for the development.

Oxley's Malaysian subsidiary Oxley Holdings (Malaysia) is taking a 40% stake in Aspen Vision Homes, which in turn holds a 75% stake in Aspen Park Hills.

Aspen says the land is located within a matured neighbourhood in the middle of Air Itam, Farlim and Paya Terubong where 400,000 people live, work and commute. It is in close proximity to lifestyle amenities such as schools, hospitals, eateries, wet markets, retail shops, supermarket, tourist spots and services.

The project will be developed in phases.

Dato M. Murly, President and Group CEO of Aspen, says, “This piece of land is situated on elevated ground. In Penang, it is not very often that we will come across such an opportunity to acquire a sizeable freehold landbank located in a matured community. Our ambition is to bring exciting modern urbanisation to the community in Air Itam, Farlim and Paya Terubong by offering them the latest integrated development at affordable price points. We are very confident that we can bring a fresh outlook and enhance the proposition to these areas in the near future.”

Shares in Aspen and Oxley last traded at 14.3 cents and 33 cents respectively.