Eco Horizon to buy land from BKDSB for RM681.99 mil

KUALA LUMPUR (June 28): Eco Horizon Sdn Bhd signed a conditional sale and purchase agreement with Batu Kawan Development Sdn Bhd (BKDSB) to acquire a piece of land in Seberang Perai, Penang, for RM681.99 million, Bernama reported today. Eco Horizon is a wholly-owned unit of Eco World Development Group Bhd (EcoWorld).   

In a filing to Bursa Malaysia today, EcoWorld said Eco Horizon has also inked a revocation and rescission agreement with BKDSB and Silver Setup Sdn Bhd (SSSB), a wholly-owned unit of Malton Bhd, to revoke and rescind the joint development deal made by the companies in Oct 10, 2012.

Eco Horizon said it will pay SSSB a revocation sum of RM50 million.

This confirms a report from February by TheEdgeProperty.com

* EcoWorld eyes more Batu Kawan land

Eco World said its unit also signed an agreement with BKDSB and Penaga Pesona Sdn Bhd to buy a 30.32ha tract at the same place for RM143.25 million.

"The proposed acquisitions will provide Eco World with a replacement opportunity in the form of prime land of a similar size in the fast-growing industrial/commercial and residential hotspot.

"It will also enable the group as a whole to achieve an optimal geographic spread of its total landbank by acreage and gross development value in a manner which reflected the demographic structure of the country’s population by size and relative income levels," it said.

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