PETALING JAYA: Eco World Development Group Bhd (EcoWorld Malaysia) has announced its collaboration with PowerChina Group for property development and infrastructure projects in Malaysia.
The two parties have inked a conditional joint venture to develop 117.35 acres of industrial land to be known as Eco Business Park V Phase 2 in Shah Alam through EcoWorld’s subsidiary Paragon Pinnacle Sdn Bhd and a Malaysian incorporated subsidiary of the PowerChina Group.
The proposed conditional joint-venture will entail the formation of a joint venture company Eco World PowerChina Business Park Sdn Bhd that will purchase the industrial land from Paragon Pinnacle Sdn Bhd for RM240.2 million.
It will then jointly develop the 117.35 acres as Eco Business Park V Phase 2, an industrial project involving the development of medium to large individual industrial lots for light industries. Eco Business Park V Phase 2 is expected to have a gross development value (GDV) of RM850 million.
The JV company will be 60% owned by PowerChina via its Malaysian incorporated subsidiary and 40% owned by Paragon Pinnacle.
In addition, EcoWorld Malaysia has also signed a Memorandum or Understanding with PowerChina Group’s infrastructure arm to jointly bid for infrastructure projects in Malaysia.
EcoWorld chairman Tan Sri Liew Kee Sin said apart from its reputation as a globally renowned construction company, PowerChina also has an extensive network of clients who may be interested in investing in industrial real estate projects in Malaysia.
“This bodes well for our aims to make Eco Business Park V not only one of the best industrial parks in the country but also a key job centre offering quality employment opportunities for the people of Selangor. We are also gratified that the PowerChina Group has chosen to work with EcoWorld in their first industrial real estate venture in Malaysia and to bid for potential infrastructure projects in Malaysia,” Liew said in a statement.
With a total GDV of RM3.7 billion, Eco Busines Park V is planned to be the largest single-project development powered by industrial facilities and intelligent, environmentally-friendly features designed to help businesses save on energy and resources while reducing the park’s overall carbon footprint.