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Saturday, August 4, 2012

EPF and Dijaya may develop RRIM land

PETALING JAYA: The Employees Provident Fund (EPF) and Dijaya Corp Bhd are presently in talks to jointly develop certain parcels of the Rubber Research Institute of Malaysia (RRIM) land in Sungai Buloh, as well as to build an access road, according to a source.

Currently, the RRIM land that begins from the Sungai Buloh My Rapid Transit Depot in the north and ends with its southern portion bordering the Tropicana Golf & Country Resort, belongs to Dijaya.

The source said that the EPF would need an access road connecting the RRIM land to Petaling Jaya, and that access road would have to cut across the Tropicana Golf resort.

“Dijaya will probably need to relocate a small part of its golf course to make way for this access road. At the same time, the EPF has also invited Dijaya to jointly develop certain parcels of the RRIM land. While no concrete details have been decided, both parties have expressed their intention to work together,” it said.

The source added that the EPF wanted to start developing the RRIM land from the south, as it would make more commercial sense.

“By developing from the Tropicana side, it will also be easier for the EPF, as it is empty lots on that side, and hence being less complicated to develop.

“The mid-portion of the RRIM land is already developed and needs to be teared down and redone. Furthermore, land beside the Tropicana Golf Resort will also fetch better pricing for now,” it said.

When contacted, a spokesperson for the EPF said this market talk was not true.

Currently Dijaya is also in the midst of an amalgamation deal where in April it entered into agreements with several vendors for a proposed acquisition of 73 properties, comprising 49 parcels of land and 16 buildings, for RM949.9mil.

Meanwhile, it is understood that Kwasa Land Sdn Bhd, which is the EPF's wholly-owned unit, will be calling for bids for the RRIM land in Sungai Buloh by year-end. Kwasa Land is the master planner for the RRIM development.

Pre-qualification bids will be opened to developers who meet the requirements, which will include financial muscle, reputation and innovation, according to recent reports.

Kwasa Land is expected to divide out the RRIM land in portions of 20ha to 200ha each, which will be used to develop affordable residential and commercial properties.

The other parts of the RRIM land is to house the Malaysian Rubber Board hub (217ha) and the My Rapid Transit Sungai Buloh depot (72ha).

The redevelopment of the RRIM land is part of the greater Kuala Lumpur Strategic Development initiative and is a project under the 10th Malaysia Plan. The EPF is buying 890ha of the available 1,215ha RRIM agricultural land from the Federal Government for over RM2bil.

By The Star

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