The Star
June 30, 2010
THE Employees Provident Fund (EPF) has a solid financial standing to carry out a massive development project involving 3,335 acres of land in Sungai Buloh, said Prime Minister Datuk Seri Najib Tun Razak.
The EPF also planned to increase its involvement in property investment from 2% to 5%, he said.
“The development project will also create job opportunities,” Najib said in his written reply to Nurul Izzah Anwar (PKR – Lembah Pantai).
The Government has approved a development project to be carried out by Kwasa Land Sdn Bhd – a joint venture company between the Government and EPF on the land owned by the Rubber Board of Malaysia.
The Government approved the proposed plan to develop the land in principle on May 12.
“The direct involvement of the Government through a joint venture with the EPF enables it to regulate the direction of the development, including the development of certain industrial sector clusters in line with the New Economic Model,” he said.
The EPF would be getting several private property companies to participate in the development of the land, Najib said, adding that EPF’s contributors are expected to benefit from the venture.
Dubbed the “new hub” for Klang Valley, the development project is estimated to attract more than RM5bil in investments.
