SHAH
ALAM: Eco World Development Group Bhd (EcoWorld) has expanded its
landbank with the acquisition of 199.37ha in Semenyih, Selangor, for
RM225.33 million.
EcoWorld, through wholly-owned Majestic Blossom Sdn Bhd, bought the land from Univas (Far East) Sdn Bhd.
The
land is located near EcoWorld’s current project, EcoMajestic, and is
15km southeast of Kajang and 40km southeast of Kuala Lumpur.
“This
latest acquisition will increase our landbank in Semenyih to about
607ha,” said EcoWorld president and chief executive officer Datuk Chang
Khim Wah in a statement yesterday.
“With
two sizeable projects in this fast-growing development corridor,
EcoWorld is well-positioned to serve a broad range of customers, and we
intend to come up with exciting and innovative product offerings.”
He
said the launch of the 434ha EcoMajestic in May saw a take-up rate of
95 per cent for the first phase, which comprised 612 units of two-storey
terraced houses, prompting the developer to acquire more land for
further development.
The
acquisition is in line with EcoWorld’s goal to enlarge its presence in
the Klang Valley, Iskandar Malaysia and Penang, with an increased
landbank to more than 1,619ha from 537ha.
The
Semenyih land, which has a gross development value of RM3.5 billion,
has been planned for a mixed residential township with a focus on
affordable housing and will complement the group’s overall master
development strategy for EcoMajestic.
“Given
the location, there is good potential for demand to be captured from
older neighbouring townships, such as Bandar Rinching, Bandar Tasik
Kesuma and Bandar Sunway Semenyih,” said Chang.
The acquisition will be funded through internally-generated funds and bank borrowings.
- THE BUSINESS TIMES
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