It is learnt that the EPF has initiated a master plan for the land development, which is expected to take six months to a year to complete.
The land, dubbed the "new hub" for the Klang Valley and owned by the Rubber Board of Malaysia, will be split into several parcels to attract local and foreign private property companies.
"The land will not be offered to just one developer. We will be fair and offer land parcels to several companies through an open tender system," a government source said.
Speculation was rife that the EPF would likely appoint Malaysian Resources Corp Bhd (MRCB) as the project's master planner and lead developer since it owns 41.5 per cent of the company.
However, the pension fund said that Kwasa Land Sdn Bhd - its joint venture with the government - would tender individual parcels of land through a transparent process.
The EPF also said that it had requested several developers and property consultants to advise it on the development and feasibility of the land.
The project is expected to have affordable and high-end housing - both landed and high-rise - office towers, shop-offices, retail, hospital, shopping mall, hypermarket, schools and parks.
Prime Minister Datuk Seri Najib Razak has said that the whole project would generate gross development value of RM10 billion.
Some potential participating developers said they would leave it to the EPF to decide how much land to allocate to them and the components to build.
Among them are Glomac Bhd, Gadang Holdings Bhd, IJM Land Bhd, Mah Sing Group Bhd, UEM Land Bhd, Bolton Bhd and MRCB.
A source said the companies could buy small parcels of land to carry out their own projects or develop the land in a joint venture with the EPF on a profit-sharing basis.
"We believe that EPF is likely to parcel out to various developers so that each can introduce new concepts. This will expedite the development as several parcels will be developed concurrently," Mah Sing group chief executive officer Tan Sri Leong Hoy Kum told Business Times.
The project, approved on May 12, will be funded by the EPF over 15 years.
It is understood that the project site will be connected to the Kelana Jaya light rail transit.
By Business Times
