TOKYO -- Mitsui & Co. will develop a Malaysian industrial park featuring rental warehouses and factories to meet the needs of businesses facing tight space and high operating costs in neighboring Singapore.
Malaysia-based Nusajaya Tech Park will set up a 51-49 joint venture with Mitsui for the project, the Japanese trading house said Tuesday. The new company will be capitalized at 4.6 billion yen ($37 million). NTP is a joint venture between Singapore-based real estate developer Ascendas and UEM Sunrise, a unit of an investment arm of the Malaysian government.
