Eco World Development Group Bhd will acquire 493 acres of freehold land in Semenyih, Selangor for RM225.3mil, (RM456998 per acre, RM10.49 psf) increasing the group’s landbank in the fast growing area to almost 1,500 acres.
The new parcel has a gross development value of RM3.5bil, the company said in a statement yesterday.
“With two sizeable projects in this fast-growing development corridor, Eco World is well-positioned to serve a broad range of customers and we intend to come up with exciting and innovative product offerings that will appeal strongly to the mass, upgrader and luxury homes market,” president and CEO Datuk Chang Khim Wah said.
A recent launch at nearby EcoMajestic project, a 1,073-acre development currently undertaken by the group, reported a 95% take-up rate for the first phase of 612 units of two-storey terraced houses.
The latest acquisition will be undertaken by wholly-owned subsidiary Majestic Blossom Sdn Bhd, the same entity acquiring the development rights to build EcoMajestic.
Eco World is planning to develop a mixed residential township development to complement its overall master development strategy for EcoMajestic.
The landbank expansion in Semenyih came a day after it was reported that Eco World had won a tender to develop 470 acres in Batu Kawan, Penang.
The company, which is helmed by former executives of S P Setia Bhd, had in recent months increased its total land bank from 1,326.6 acres to some 4,433 acres, with extra land in the Klang Valley, Iskandar Malaysia in Johor and Penang.
Its projects included newly-revamped EcoTropics, Eco Business Park II and Eco Business Park III in Iskandar, as well as EcoMeadows in Seberang Prai. Recent proposed land acquisitions included 308.72 acres south of Kota Kemuning in the Klang Valley, which is said to be developed into a luxurious eco-themed mixed residential and commercial project called EcoSanctuary as well as 70 acres in Bukit Tambun, Penang.
