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EPF makes RM46 million profit from retail property sales

Deputy Finance Minister Ahmad Maslan says the assets were acquired by Sunway Real Estate Investment Trust.

2 minute read
The Employees Provident Fund office in Kwasa Damansara. Photo: Bernama
The Employees Provident Fund office in Kwasa Damansara. Photo: Bernama

The Employees Provident Fund (EPF) made a profit of RM46 million from the sale of its six retail properties in Klang Valley and Johor.

Deputy Finance Minister Ahmad Maslan said that EPF was also planning to sell another retail outlet in Kelana Jaya to a government-linked company.

"The six retail properties sold are the Giant Bandar Kinrara building, Giant Putra Heights building, Giant USJ building, Giant Klang building, Giant Ulu Klang building and Giant Plentong building in Johor, with a profit of RM46 million.

"We are selling these assets to Sunway Real Estate Investment Trust Berhad or Sunway REIT, of which 15.24% is owned by EPF," he said during the question-and-answer session in the Dewan Rakyat today.

He was responding to a question from Ikmal Hisham Abdul Aziz (PN-Kuala Terengganu), who wanted to know the proceeds from the portfolio sales of six EPF retail units in Klang Valley and Johor, and whether EPF intends to dispose of another retail unit in Klang Valley as reported, apart from planning the next investment.

In his reply to a supplementary question from Ikmal, on whether EPF plans to invest in the field of financial technology or fintech, which has attained the status of a Unicorn, Maslan said that the investment committee will conduct a study on this proposal.

Meanwhile, Maslan also said that EPF's total assets thus far amount to RM1 trillion, involving domestic and foreign property investments.

In the country, the total investment is RM11 billion, including EPF buildings at its headquarters and in the states. EPF properties abroad meanwhile amount to RM30 billion, half of which are in the UK, with one of the largest, iconic projects in Battersea, amounting to a total of RM41 billion of property assets.

"Thus far, we have taken care of all these investments," he said in response to another supplementary question from Jimmy Puah Wee Tse (PH-Tebrau) who wanted to know what percentage of EPF's investments were in the Malaysian domestic market.

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