EcoWorld and Cascara JV to develop new RM8.5b township next to Setia Alam

KUALA LUMPUR (June 9): Eco World Development Group Bhd (EcoWorld) today entered into a joint venture (JV) with Cascara Sdn Bhd to develop Eco Ardence, a freehold 533.92-acre luxury township with an estimated gross development value (GDV) of RM8.5 billion, next to Setia Alam.

The JV entails two agreements — EcoWorld’s wholly-owned subsidiary Eco Grandeur Sdn Bhd entering a conditional share sale and purchase agreement to acquire half of the shares in Cascara’s unit Jendela Hikmat Sdn Bhd for RM303.5 million, and a subscription and shareholders’ agreement to jointly develop the project land.

The agreements were signed by EcoWorld president and CEO Datuk Chang Khim Wah and Cascara representative Mohammed Rashdan Mohd Yusof here, witnessed by EcoWorld chairman Tan Sri Liew Kee Sin and Jendela Hikmat chairman Tan Sri Che Md Noor Mat Arshad.

"The project has about 10 phases, and should be completed in eight years. We are aiming to launch the first phase in the first quarter of 2017. We should be launching the landed residences first," Chang told reporters after the signing ceremony today.

He added that 40.43% of the township will be allocated for landed and high-rise residences, 5.62% for affordable housing, 14.7% for commercial properties, 10.31% for community facilities, 12.2% for green space and 16.4% for road and infrastructure.

Chang noted that while Eco Ardence will be a luxury development that boasts EcoWorld’s signature large roundabouts, landscaping and water features, it will also have mid-range and affordable homes.

Moreover, the township will cater for upgraders from the locality, not foreigners, he added.

"Eco Ardence's strategic location, large and relatively affluent population catchment will enable us to create a township with multigenerational appeal. We plan to have a good mix of luxurious and affordable landed homes for upgraders. There will also be innovatively designed apartments and well-conceptualised integrated commercial units," he said.

"We all know Shah Alam and Setia Alam are mature areas. There are many people living there for more than 10 years. Launching a luxury project is tough now but we believe the right product will always attract people," Chang noted.

He also said that the project was supported by infrastructural improvements such as the opening of the New Klang Valley Espressway (NKVE) link to Jalan Meru via Setia Alam, widening of Jalan Meru and improvements to surrounding access roads.

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