Eco World, EPF in third joint venture – RM7.76b township projects in Penang

PETALING JAYA: Eco World Development Group Bhd is embarking on its third partnership with the Employees Provident Fund (EPF) for two township projects in Batu Kawan, Penang, with a combined gross development value of RM7.76 billion.
In a statement yesterday, Eco World said it had entered into a conditional subscription and shareholders’ agreement (SSA) with EPF to jointly develop 375 acres of prime land into two townships, Eco Horizon and Eco Sun.
Pursuant to the SSA, EPF will subscribe for a 40% stake in Eco World’s wholly-owned subsidiary Eco Horizon Sdn Bhd, which will be the developer of the projects. The rest will be owned by Eco World.
Eco World kick-started its first joint venture with EPF as well as UDA Holdings Bhd in early 2015 for the Bukit Bintang City Centre project, which will see the rejuvenation of the site where Pudu Jail once stood.
This was followed by an agreement formalised in November 2015 for the development of 2,198 acres of land in Ijok, Selangor, into a residential and commercial project known as Eco Grandeur and an integrated business park known as Eco Business Park V.
On the third partnership, Eco World said the 300-acre Eco Horizon is situated just off the primary interchange linking Sultan Abdul Halim Mu’adzam Shah Bridge (the second Penang bridge) to the North-South Expressway right opposite Ikea.
Eco Sun, which measures about 75 acres, is located along Lebuhraya Bandar Cassia close to the Penang State Stadium.
“We are extremely excited about our latest venture in Penang as it is the first opportunity we have to showcase the full spectrum of our development capabilities in Penang.
“The land’s size and location also present a unique competitive advantage – at approximately 375 acres in total, it will allow the group to offer our Signature EcoWorld gated and guarded strata townships as well as integrated commercial components, which to date has yet to be seen so close to the island,” said Eco World president and CEO Datuk Chang Khim Wah.