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EcoWorld Acquisition of Entire 2,198-acre Parcel Nears Completion

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In 2015, EcoWorld Group Berhad (EcoWorld) announced it had formed a Joint Venture vehicle with Employees Provident Fund (EPF) to acquire five parcels of land amounting to 2,1,98 acres in Puncak Alam from LBCN Development Sdn Bhd (LDSB) for a cash consideration of RM1.2 billion.

The immediate four Sales and Purchase Agreements (SPA) had already been meted out with EcoWorld developing what is now Eco Grandeur and Eco Business Park V, while SPA 5, a 270.81-acres parcel worth RM192.4 million, is currently underway despite the extension of the Approval Period by LDSB to 30 September 2019.

In a filing to Bursa Malaysia, Paragon Pinnacle Sdn Bhd, the JV entity between EcoWorld and EPF, the extension of the Approval Period will not affect the development on the lands, namely “Eco Grandeur” and “Eco Business Park V” which were launched in September 2016 and September 2017 respectively.

According to a spokesperson from EcoWorld, “The land forms part of the Eco Grandeur and Eco Business Park V. Both projects have a combined estimated gross development value of RM15.3 billion. To date, the total combined sales for both projects as of 31 October 2019 is RM2.16 billion.”

Eco Grandeur first launched the Avenham and Graham precinct in September 2016 and had recently handed over close to 1,800 residential units. As for Eco Business Park V, it was first launched in September 2017 and is expected to handover the industrial units by the third quarter of 2020.

EcoWorld Malaysia is a public listed Malaysian company involved mainly in property development. It has secured approximately 8,126.4 acres of land bank with a total gross development value of RM87.5 billion.

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