Japan’s Daiwa House diversifies Malaysian business from housing to logistics
KUALA LUMPUR, NNA - Japan’s leading developer Daiwa House Industry Co. is diversifying its Malaysian operations from housing to logistics due to a stagnating real estate market.
The company will build a distribution facility equipped with refrigerators and freezers in the central state of Selangor for 2 billion yen ($17.6 million) by the end of 2019, Yutaka Satomi, chief executive of Daiwa House Malaysia Sdn. Bhd., told NNA.
The facility will go into full-scale operation by late 2020. Most tenants are expected to be Japanese wholesalers.