EPF Expected to Profit RM46 Million from Retail Property Sales

epf kwsp

The Employees Provident Fund (EPF) is set to yield a profit of RM46 million from the disposal of six retail properties located in Klang Valley and Johor.

The properties being sold include the Giant Bandar Kinrara, Giant Putra Heights, Giant USJ, Giant Klang, Giant Ulu Klang buildings, along with the Giant Plentong building in Johor, amounting to a total valuation of RM520 million.

Deputy Finance Minister Datuk Seri Ahmad Maslan confirmed that the properties were purchased by Sunway Real Estate Investment Trust (Sunway REIT), where EPF retains a 15.24% stake.

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“This implies that the assets are not entirely lost,” he stated during a question and answer session at Dewan Rakyat, in response to Datuk Ahmad Amzad Mohamed (PN-Kuala Tererenganu).

As reported by Bernama, Ahmad Maslan also mentioned that EPF is planning to offload another retail property in Kelana Jaya to a government-affiliated company.

According to reports, the Giant hypermarket in Kelana Jaya is the targeted asset for sale.

EPF is also negotiating the sale of a retail property previously occupied by the hypermarket chain Giant in Klang Sentral, Selangor, to food retailer NSK Trading Sdn Bhd for an estimated price of RM60 million.

In the meantime, the Pontian MP stated that EPF’s total assets amount to RM1.3 trillion, covering domestic and overseas property investments, thus making it the wealthiest government agency.

Domestic investments total RM11 billion, including EPF buildings at its headquarters and across various states, while EPF’s international properties sum up to RM30 billion, with half of these assets located in the United Kingdom (UK), he answered to a follow-up question about EPF’s local investments from Jimmy Puah Wee Tse (PH-Tebrau).

EPF’s most significant and largest asset in the UK is the Battersea Power Station situated in central London.

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