PERMODALAN Negeri Selangor Bhd (PNSB), the investment arm of the Selangor government, will undertake two major infrastructure projects in the state jointly with Kumpulan Europlus Bhd.
The first is the construction of a network of canals connecting the Klang River to Kuala Langat River as part of a flood mitigation scheme.
The project complements the flood mitigation scheme to be undertaken by the Federal Government and a side project will be the creation of a canal city covering about 2,185ha.
The second project involves the construction of a 40km toll-free highway (known as Shah Alam 2 Expressway) connecting Shah Alam to Shah Alam 2 (previously Berjuntai Bistari).
The expressway would cut travel time from Shah Alam to Shah Alam 2 to about 25 minutes and its construction would also speed up the development of Shah Alam 2 as well as open up a corridor along the road for development, Europlus said.
The canal city project has been awarded to Canal City Construction Sdn Bhd, which is spearheaded by PNSB with Radiant Pillars Sdn Bhd a subsidiary of Europlus as its partner and shareholder.
Canal City, which has 70% bumiputra interest, has been tasked with designing, constructing and financing the project on a turnkey basis.
Europlus said Canal City would be developed into a modern waterfront city.
The joint-venture company has secured the participation of Shanghai-based Shimao Group in the project. Shimao, one of China's largest property developers, will invest RM450mil to buy about 526ha or 24% of the land in Canal City and undertake property projects worth RM3bil.
The proposed Canal City is sited close to Putrajaya, Kota Kemuning, Putra Heights and Cyberjaya.
Tan Sri Dr Chan Ah Chye, deputy chairman and director of Canal City, signed a sale and purchase agreement with Hui Wing Mau, chairman of Shimao Group, in Beijing yesterday. Bernama
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