KUALA LUMPUR, November 15 — Eco World Development Group Bhd and the Employees Provident Fund (EPF) will jointly develop 889.5 hectares of leasehold land in the North Western Klang Valley Corridor.
Eco World said a joint venture (JV) company, Paragon Pinnacle Sdn Bhd, would develop the land into a mixed residential and commercial development called Eco Grandeur and an integrated business park, Eco Business Park V.
The JV was established through a subscription and shareholders agreement (SSA) between Eco World and the EPF, said the company in a statement today. Paragon Pinnacle is currently a wholly-owned subsidiary of Eco World.
Pursuant to the SSA, EPF will subscribe for four million ordinary shares representing 40% of the enlarged paid-up capital of Paragon Pinnacle and provide shareholders advances of RM367 million to the JV company.
The EPF’s subscription was expected to be completed in the first quarter of 2017, said Eco World.
The group, through a subsidiary, will be appointed as the development manager for the projects, which will be marketed as Signature EcoWorld developments.
“We are delighted to be able to partner with the EPF again to develop Eco Grandeur, the largest township undertaken by EcoWorld to date and Eco Business Park V, our first gated and guarded multi-concept business park in the Klang Valley,” said Eco World Chairman Tan Sri Liew Kee Sin.