Friday May 6, 2011
By YAP LENG KUEN
lengkuen@thestar.com.my
PETALING JAYA: The acquisition of the 3,000 acres of Rubber Research Institute Malaysia (RRIM) land in Sungai Buloh is expected to cost RM3bil, sources said.
The signing between the purchaser, the Employees Provident Fund (EPF), and the Government is expected to be held in the near future, the sources said, adding that the development project would be carried out for the next 10 to 15 years.
“It will be a mixed development with commercial and a focus on affordable housing,'' a source told StarBiz.
According to the sources, the EPF will have a master plan where it will allocate a few parcels and allow property developers to bid for those parcels; some parcels will be operated on a joint-venture basis while others may be sold outright via bids.
“It will be systematically and properly done,'' said the source.
The EPF has formed a company under Kwasa Land Sdn Bhd to be the master developer for the RRIM land in Sungai Buloh.
The former head of property investment at the EPF, Mohamad Lotfy Mohamad Noh, has been appointed the managing director of Kwasa.
The development, which is estimated at RM10bil, is likely to feature a big linear park, green lungs, open spaces, walkways and water bodies. It will incorporate information technology and data infrastructure (MSC city status) and urban transportation integration.
This development will also house the depot for the upcoming mass rapid transit system. Dubbed the new hub of the Klang Valley, the development is expected to attract RM5bil in investments.
The EPF aims to increase the contribution from property to 5% from 2% currently. Under its gross investment income, property and miscellaneous income last year rose to RM103.18mil from RM87.85mil the previous year. Total gross investment income last year reached RM24.06bil from RM17.22bil previously.
http://biz.thestar.com.my/news/story.asp?file=/2011/5/6/business/8620011&sec=business
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