Felda, Encorp to develop RM4.9b Malacca township

KUALA LUMPUR: Federal Land Development Authority (Felda) and Encorp Bhd have entered into a memorandum of understanding (MoU) to collaborate on the development of an integrated township with a gross development value (GDV) of RM4.9 billion in Malacca.
The township comprises of residential (80%) and commercial (20%) projects in Bukit Katil on a 640.98-acre leasehold land.
Felda and Encorp chairman Tan Sri Mohd Isa Abdul Samad said construction of the project will start by 2017 and will take 10 years to complete. It will have five phases.
"About 3,800 units of affordable homes for the 1 Malaysia Peoples Housing Scheme (PR1MA) will also be provided," he told a press conference after witnessing the MoU signing here yesterday.
The collaboration opens a new window of opportunity for Encorp to have a partnership with others, including Felda, in exploring sizeable undeveloped landbank in prime areas across Malaysia.
Encorp, which is 70.97%-owned by Felda, has an outstanding GDV of RM500 million that will last the company for 10 years. However, it is also sourcing for new landbank.
Meanwhile, Isa said Felda has shortlisted a few candidates for the post of Encorp CEO. Hopefully, (we can appoint a CEO) within this year."