Baosteel Can Making buys industrial land at Eco Business Park V

EcoWorld Malaysia president & CEO Datuk Chang Khim Wah and China’s Baosteel Can Making (Malaysia) Sdn Bhd at the virtual signing ceremony.

KUALA LUMPUR: China’s Baosteel Can Making (Malaysia) Sdn Bhd is buying 16.32 acres of industrial land at Eco Business Park V (EBP V) in the Klang Valley for RM53.3mil.

EBP V, a 518-acre development undertaken by Eco World Development Group Bhd (EcoWorld Malaysia) through Paragon Pinnacle Sdn Bhd, is the group’s fourth business park development.

Paragon Pinnacle and Baosteel Malaysia had entered into a sale and purchase agreement with during a virtual signing ceremony held concurrently in Kuala Lumpur and Shanghai.

EcoWorld Malaysia president & CEO Datuk Chang Khim Wah signed on behalf of Paragon Pinnacle and Baosteel Malaysia, by its director Zhu Wei Lai

Chang said: “We are very happy that Baosteel Malaysia has chosen EBP V as the site for its new manufacturing facility in Malaysia.

“Baosteel Malaysia’s decision to establish their business here will certainly contribute towards our efforts to make EBP V one of the best industrial parks in the country and a key job centre offering quality employment opportunities for the people of Selangor.”

As for Zhu, he said: “The collaboration between Baosteel and EcoWorld marks Baosteel’s further investment in Southeast Asia and Baosteel looks forward to further cooperation with EcoWorld in more areas”.

Chang said the group has been receiving increased enquiries from overseas industrialists after the government announced the PENJANA incentives for foreign direct investments (FDI) intending to relocate their manufacturing to Malaysia,

“The 10 or 15-year tax exemption available to foreign manufacturers who are prepared to invest between RM300mil to RM500mil, or above RM500mil respectively, has sparked renewed interest in Malaysia as a potential destination for new FDI, ” he said.

He added that coupled with the promise of speedy manufacturing licence approval within two working days for non-sensitive industries, this certainly sends the right message that Malaysia is very much open for business.

Baosteel Malaysia is owned by Shanghai Baosteel Packaging Co. Ltd, a company listed on the Shanghai Stock Exchange. It is a subsidiary of China Baowu Steel Group Corporation Ltd.

With a total gross development value (GDV) of RM2.8bil, EBP V is planned to be the largest single-project development.

Paragon Pinnacle is a joint venture set up in November 2016. EcoWorld Malaysia owns 60% and the Employees Provident Fund Board (EPF) 40%.

Set up in November 2016, Paragon Pinnacle plans to develop 2,298 acres of leasehold land in the north-western Klang Valley Corridor.

The sites 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.