KUALA LUMPUR: The Darul Ehsan Investment Group (DEIG), Selangor’s newly incorporated sovereign wealth fund, is seeking partners to develop several parcels of land in Shah Alam, Gombak and Bukit Beruntung into a mixture of high-rise and township developments.

In a statement yesterday, DEIG said its property development flagship, DEIG Land, will take the role of landowner and strategic investor for the developments, and that it targets the first phase of its joint ventures to be worth up to RM10 billion in total gross development value (GDV).

It said DEIG Land is inviting all interested parties to express their interest to participate in the development of the parcels of land via a request for information (RFI) exercise.

The Edge Financial Daily  reported on June 1, quoting Menteri Besar Inc (MBI) of Selangor group chief operating officer Soffan Affendi Aminuddin that DEIG would be developing five new townships with a combined GDV of RM10 billion for Selangor this year.

He had also said that DEIG would identify the five JV partners, by year end. DEIG, which is 100% owned by MBI and acts as the catalyst for the Selangor government’s Strategic Investment Unit, has been tasked with consolidating and rationalising state assets which are valued at some RM30 billion.

The RFI exercise, which closes at noon on Friday, is open to all applicants with a paid-up share capital of at least RM1 million and above as well as a total cumulative experience of 30 years in property and building development, spread among a maximum of five management staff.

Only shortlisted applicants will be notified and invited for the next selection stage, which is a request for proposal (RFP) exercise, the statement read.

This article first appeared in The Edge Financial Daily, on July 8, 2015.