Artist’s render of mixed-use scheme Aspen Vision City in Penang, Malaysia (Aspen Group Holdings Limited)

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Malaysia lockdown: Construction halts across country as virus battle steps up

18 March 2020 | By GCR Staff | 0 Comments

All construction stopped in Malaysia today as a country-wide lockdown took effect until 31 March, with the government hoping to check the spread of Covid-19.

Confirmed cases jumped to 790 as of today, making it the worst-hit country in southeast Asia.

“We do not want a situation where thousands of people are affected by the virus and hospitals are unable to cope with the overwhelming number of patients, like what is happening in some countries,” Federal Territories Minister Tan Sri Annuar Musa, reports The Star.

“The virus is transmitted by contact, so please follow the directive,” he added.

Among the projects affected is the large mixed-use development, Aspen Vision City (rendered above), being developed in Penang by Singapore-listed Aspen (Group) Holdings Limited and Ikea.

A roughly $141m contract to construct 2,510 executive apartments in two buildings was awarded to builder Kerjaya Prospek in January. 

In a notice to the Singapore exchange, SGX, Aspen (Group) Holdings said the shutdown “is not expected to have a material financial impact on the earnings per share and net asset value per share” in the current financial year.

Image: Artist’s render of mixed-use scheme Aspen Vision City in Penang, Malaysia (Aspen Group Holdings Limited)