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EcoWorld Malaysia inks historic collaboration with PowerChina Group

Eco World Development Group Berhad (EcoWorld Malaysia) today entered into two landmark deals with the PowerChina Group, a wholly State-owned comprehensive construction group ranked 182 on Fortune’s Global 500 companies in 2018, which offers solutions for the entire chain of the global energy and power, water resource and environment, infrastructure, and real estate industries. 

The first is a conditional joint-venture between a Malaysian incorporated subsidiary of the PowerChina Group and Paragon Pinnacle Sdn Bhd to jointly develop 117.35 acres of industrial land to be known as Eco Business Park V, Phase 2. Located in Puncak Alam, Shah Alam, the proposed development will complement the 518-acre Eco Business Park V which is EcoWorld Malaysia’s first business park in the Klang Valley, situated right next to the group’s largest township development of Eco Grandeur. 

The second deal inked today is a Memorandum of Understanding between EcoWorld Malaysia and the infrastructure arm of the PowerChina Group to jointly bid for infrastructure projects in Malaysia. The collaboration with PowerChina will connect and open doors for potential industrialists seeking to set up business and operations in Malaysia, which will not only enhance MalaysiaChina bilateral ties but improve relations between the people in the two countries. 
(L-R)
Ho Kwee Hong, Eco World Development Group Berhad Divisional General Manager; Dato’ Chang Khim Wah, Eco World Development Group Berhad President ＆ CEO; Tuan Fong Kui Lun, Member of Parliament, Bukit Bintang;Tuan Tan Kok Wai, Special Envoy of Malaysia to The People’s Republic of China; Tan Sri Liew Kee Sin, Eco World Development Group Berhad Chairman; Tuan Lim Guan Eng, Finance Minister; Xia Jin,
PowerChina Real Estate Group Limited Chairman; Li Jing, Guangdong Economic and Trade Office in Southeast Asia (KL); Geng Xiao Lin, PowerChina Real Estate Group Limited Vice President; Eason Ho, PowerChina International Group Limited Vice President, Asia Pacific; Sean Wang, PowerChina Real Estate Group Limited Deputy General Manager of Overseas Development Department and Dato S.Rajoo, Eco World Development Group Berhad Deputy President ＆ Deputy CEO.

The above deals also indicate the strong commitment of Chinese State-owned entities to seek out quality investments and like-minded joint-venture partners towards the realisation of the noble objectives of China’s Belt & Road Initiative. 

The Belt and Road Initiative, proposed by China in 2013, is a trade and infrastructure network that includes the Silk Road Economic Belt and the 21st Century Maritime Silk Road to connect Asia, Europe and Africa. It will open up tremendous potential for China and ASEAN countries including Malaysia to cooperate in infrastructure construction and crossborder trade cooperation. The infrastructure development along the route will also enable local businesses to take advantage of and leverage on the connectivity available, thus creating new opportunities for Malaysian businesses in various forms such as joint-ventures, technology transfers and direct investment. 

Today’s signing was witnessed by Malaysia’s Minister of Finance, YB Tuan Lim Guan Eng together with EcoWorld Malaysia’s Chairman Tan Sri Liew Kee Sin and Chairman of PowerChina Real Estate Group Limited Mr Xia Jin. 

Quote from EcoWorld Chairman Tan Sri Liew Kee Sin “We are extremely delighted to be entering into this historic collaboration with PowerChina today. Apart from its sterling 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 very 1st industrial real estate venture in Malaysia and to bid for potential infrastructure projects in Malaysia. Today’s landmark deals present a great opportunity for EcoWorld to work closely with the PowerChina Group and rest assured, it is only the beginning. We look forward to fostering this relationship for many years to come to deliver much value for the mutual benefit of our respective stakeholders in Malaysia and China.

” Quote from PowerChina Real Estate Group Limited Chairman Mr Xia Jin “This joint-venture not only represents a milestone for both PowerChina and EcoWorld, but serves as a platform for peace and cooperation, openness and inclusiveness, mutual learning and mutual benefit for both countries.” 

About the proposed joint-venture 
The proposed conditional joint-venture envisages the formation of a JVCo, known as Eco World PowerChina Business Park Sdn Bhd to: 
i. Purchase 117.35 acres of industrial land from Paragon Pinnacle Sdn Bhd for a purchase consideration of RM240.2 million 
ii. Jointly develop the 117.35 acres into an industrial project involving the development of medium to large individual industrial lots for light industries such as warehousing, logistics areas, spaces for assembly, disassembly, fabricating, finishing, manufacturing, packaging, repairing or processing of materials etc

Eco World PowerChina Business Park Sdn Bhd will be 60% owned by PowerChina via its Malaysian incorporated subsidiary and 40% owned by Paragon Pinnacle Sdn Bhd. 

About the proposed development 
The 117.35 acres is proposed to be developed as Eco Business Park V Phase 2 (EBP V Phase 2) with an estimated GDV of RM850 million. EBP V Phase 2 will help create significant job opportunities for the people of Selangor especially those living in the North-West Klang Valley and also accelerate the urbanisation process of this emerging development corridor. EBP V Phase 2 shall be complementary to the overall 518-acre Eco Business Park V (EBP V) development undertaken by EcoWorld Malaysia through Paragon Pinnacle Sdn Bhd. EBP V is the fourth business park development by EcoWorld Malaysia and the Group’s expertise in such developments received global recognition when Eco Business Park I in Iskandar Malaysia won a Gold award at the FIABCI World Prix d’Excellence 2018.

With a total gross development value (GDV) of RM3.7 billion, EBP V is planned to be the largest single-project development powered by forward-thinking world-class industrial facilities and intelligent, environmentally-friendly features designed to help businesses save on energy and resources while reducing the park’s overall carbon footprint. At the same time, it will also carry EcoWorld’s Signature One-Stop Business Solution which offers a range of 3 support and services that assists owners to set up their business and settle in quickly and easily. 

EBP V is easily accessible with excellent connections to major seaports and airports while being close enough to key business hubs and industries, as well as major townships and neighbourhoods.  

About Eco World Development Group Berhad 
EcoWorld Malaysia is a public listed Malaysian company involved mainly in property development. The Group is led by some of the most well-known and respected players in the property industry. It has secured approximately 8,126.4 acres of land bank with a total gross development value (GDV) of RM87.5 billion. 

Currently, EcoWorld Malaysia has a presence in the Klang Valley, Iskandar Malaysia and Penang with 20 projects in total comprising a product range that includes affordable, upgrader and luxury homes, integrated high-rise developments and green business parks.

Through Eco World International Berhad (EcoWorld International), the brand has also extended its reach to the United Kingdom and Australia. EcoWorld Malaysia is honoured to be one of the Top 10 Developers at The Edge Malaysia Property Excellence Awards since 2016 and also proud to be named ‘Best of the Best Employers - Malaysia’ in AON’s Best Employer Studies in 2016 & 2017. 

About Paragon Pinnacle Sdn Bhd 
Paragon Pinnacle Sdn Bhd (PPSB) is joint-venture company set up in November 2016. Its shareholders are Eco World Development Group Berhad and the Employees Provident Fund Board (EPF) with a 60:40 shareholding. PPSB was set up to develop 2,198.40 acres of leasehold land in the North-Western Klang Valley Corridor. The lands are slated to be developed into a mixed residential and commercial development to be known as Eco Grandeur and an integrated business park to be known as Eco Business Park V. Eco Grandeur is the largest township undertaken by EcoWorld to date and Eco Business Park V is its first gated and guarded multi-concept business park in the Klang Valley. 

About PowerChina 
Ranked 182nd in Fortune’s Global 500 companies in 2018, PowerChina is a large integrated construction group offering engineering and construction solutions to the entire chain of the global energy and power, water resource and environment, infrastructure, and real estate industries. PowerChina has carried out real estate development in many cities in China, with a total completed building floorage of 1.71 million square metres. Its multifaceted real estate business includes residential housing, hotels and property management for social security and other purposes

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