EPF to pump RM367m into Eco Grandeur and Eco Business Park V development
PETALING JAYA: The Employees Provident Fund (EPF) will pump RM367 million into a joint venture with Eco World Development Group Berhad (EW Berhad) to develop 2,198.4 acres of leasehold land in the NorthWestern Klang Valley Corridor into a mixed residential and commercial development and integrated business park.
The development will be known as Eco Grandeur and Eco Business Park V respectively.
Under the deal signed yesterday, EPF will take up a 40% stake in Paragon Pinnacle Sdn Bhd (JVCo), which is currently a wholly owned subsidiary of EW Berhad.
The money to be pumped in by EPF will be in the form of shareholders advances to fund the proposed developments.
EW Berhad (via a wholly owned subsidiary) will be appointed as the development manager for the projects which will be marketed as Signature EcoWorld developments pursuant to development management and brand licence agreements to be entered into with the JVCo.