Eco World accepts job to develop Penang's Eco Marina project

KUALA LUMPUR (April 21): Eco World Development Group Bhd today accepted a letter of award from the Penang Development Corporation (PDC) to develop 449.64 acres of leasehold land at Bandar Cassia, Batu Kawan, Seberang Perai Selatan, Penang, into an Eco Marina mixed development, including an 18-hole golf course.

The proposed project's gross development value is estimated at RM10 billion over a development period of 10 years, with the construction works for the mixed development and the golf course expected to commence within six months and three months respectively from receipt of the vacant possession of the land.

"The application to the relevant authorities for the proposed Eco Marina development will be submitted within three months from the date of this announcement," said Eco World in a filing with Bursa Malaysia today.

"Barring any unforeseen circumstances and subject to all requisite approvals being obtained, the proposed Eco Marina development is expected to be completed by the first quarter of 2016," it added.

Eco World was traded up 0.54% at RM1.85 in the morning session, with a market capitalisation of RM3.63 billion.