The Selangor State Development Corporation (PKNS) and Eastern Ecotourism City Sdn Bhd (EEC) have signed a joint venture agreement to develop land in Bernam Jaya, Hulu Selangor in seven years.

The agreement was signed by PKNS Chief Executive Officer Datuk Mohd Azizi Mohd Zain and EEC President Datuk Dr Li Wei. It was witnessed by Selangor Menteri Besar Amirudin Shari.

Mohd Azizi said the large-scale strategic cooperation which is expected to begin in the next two to three years on the 1,371-acre land, will cost RM4 billion.

He said the eco- development project included components such as city-themed concepts, hospitality, medicine and business, as well as an international-level theme park and 'ski-slope' theme park.

“We are going to set up a special purpose company (SPV) of which PKNS will hold 5 per cent of its share and that company will decide which components to develop first.

"We will certainly develop components that will attract customers from all over the world such as theme parks to get more people to come to Selangor," he told reporters after the event here today.

At the same event, PKNS also received a replica RM164 million payment check from EEC as the first payment for the development project.

Mohd Azizi said the development project in Bernam Jaya would be a catalyst for economic activity in the area, besides creating more than 50,000 job opportunities in various sectors at every level.

"Not only that, the EEC also purchased 448 units of PKNS real estate comprising of 154 units of shop lots while the rest were residential," he said.

He also said the development project was on track to reach the target of 17 million tourists visiting Selangor by 2030, in line with the state government's aspiration to strengthen tourism clusters especially in the Bernam Jaya area.