EcoWorld unit acquiring Johor land for RM450.13m, eyes affordable housing development

• This would be the second land acquisition in Iskandar Malaysia by the group within a span of less than five months. In September 2023, the group had proposed to acquire 403.78 acres of industrial land also located in Kulai, Johor.

KUALA LUMPUR (Jan 18): Eco World Development Group Bhd unit Eco Botanic 3 Sdn Bhd (EB3SB) is acquiring land in Pulai, Johor from River Retreat Sdn Bhd (RRSB) for RM450.13 million, and will subsequently develop the land for affordable housing.

In a filing to Bursa Malaysia on Thursday, the group said EB3SB has inked a conditional sale and purchase agreement (SPA) with RRSB and separately, a conditional development agreement with state-controlled Permodalan Darul Ta’zim Sdn Bhd (PDT), which has nominated EB3SB as developer of said land.

This would be the second land acquisition in Iskandar Malaysia by the group within a span of less than five months. In September 2023, the group had proposed to acquire 403.78 acres of industrial land also located in Kulai, Johor.

Notably, the land EB3SB is acquiring from RRSB is located in Iskandar Puteri, next to Eco Botanic and Eco Botanic 2 — two of EcoWorld's existing matured townships in Iskandar Malaysia.

The land has been proposed to be developed into a mixed residential and commercial township development suitable for both first-time home buyers and the M40 group, to be known as Eco Botanic 3 with a preliminary estimated gross development value of RM3.88 billion.

RRSB is a wholly-owned subsidiary of Iskandar Coast Sdn Bhd, which in turn is 80%-owned by Iskandar Investment Berhad. The remaining 20% shares in Iskandar Coast Sdn Bhd is held by Iskandar Waterfront Holdings Sdn Bhd.

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