KUALA LUMPUR: The Malaysian government and the Employees Provident Fund (EPF) will be forming a joint-venture to promote the development of 3,000 acres of land in Sungei Buloh into a new hub for the Klang Valley.
Several parcels of land in Jalan Stonor, Jalan Ampang, Jalan Lidcol, all in Kuala Lumpur have also been identified to be tendered out for development by the private sector.
Prime Minister Datuk Seri Najib Tun Razak in announcing this in his keynote address at Invest Malaysia 2010 on Tuesday March 30 said the new hub in SUngai Buloh will lead to over RM5 billion of new investments.
“This will have an immediate effect on domestic growth, with an enormous potential for the private sector to participate in prominently,” he said.
On the land parcels in Jalan Stonor, Jalan Ampang and Jalan Lidcol, Najib said these assets if left undeveloped "will be wasteful and the Government will incur cost of maintaining it."
"This initiative will be a good kick-off for more outright sale and joint ventures between the public and private sectors in land development,” he added.