Favelle To Build Warehouse In Australia For RM124 Million

Favelle Favco announced that it had entered into a Project Development Agreement with Dexus Property Services Pty
Limited Australia and Dexus Funds Management Limited the performance guarantor to design, construction, construction financing and tenant sourcing in respect of two units of single‐storey logistic warehouses with a combined gross lettable area of 14,000 square metres.

The property is said to be on half of the freehold land measuring 46,839.7 sqm, in New South Wales owned by the company, where the land will be subdivided into 2 plots of land consists on plot 1 measuring 23,453 sqm which will house the Project and plot 2 measuring 23,386.7 sqm which will continue to be used by its subsidiary for its crane manufacturing business (“Lot 2”).

Favelle will pay development fee to Dexus Property amounting AUD39.8 million for delivering the Proposed Warehouse Development on turnkey basis upon achieving practical completion for this development. Dexus Property is to then to secure tenancy upon completion of the Project.

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