Eco World looks to expand landbank in hotspots

KUALA LUMPUR: Eco World Development Sdn Bhd, helmed by former S P Setia Bhd executive director Datuk Chang Khim Wah, is looking to expand its landbank in the country’s top three property hotspots — namely the Klang Valley, Penang and Iskandar Malaysia, Johor.

The relatively new property developer has 3,000 acres (1,14.06ha) of undeveloped land in the country, out of which some 1,000 acres are located in the Klang Valley, 1,000 acres in Penang and the rest in Iskandar Malaysia.

“As a developer, we are looking for more well-located landbank,” Chang told reporters after the groundbreaking ceremony of its RM1 billion EcoSky project in Taman Wahyu, Kuala Lumpur by Federal Territories Minister Datuk Seri Utama Tengku Adnan Tengku Mansor yesterday.

He said the company has no plans to venture overseas, but rather will focus on the local market.

Meanwhile, Chang said Eco World will launch the third residential tower of EcoSky dubbed Tower Clarita “very soon”. This follows the launch of its first and second residential towers — Tower Aurora and Tower Basalta last December.

He said built-up areas of Tower Clarita units range from 936 sq ft to 1,905 sq ft, with prices starting from RM780 per sq ft or between RM650,000 and RM1.5 million per unit.

To date, the company has garnered a take-up rate of 80% for its first two residential towers.

“The units that have not been sold are mainly bumiputera lots, while the non-bumiputera units have all been taken up,” said Chang.  

EcoSky is Eco World’s maiden project in Kuala Lumpur. The project sits on a 9.6-acre (3.88ha) piece of freehold land which the company bought from DRB-Hicom Bhd for RM69.92 million in April last year.  

“The integrated commercial development comprises 970 units of serviced apartments housed in three blocks, 35 units of shop offices as well as a commercial component,” said Chang.

The entire project is slated to be completed by mid-2018, which would create a population of up to 5,000.

Chang added that the company has plan for a 33,000 sq ft community park within the development. “This will be located next to a 2.72-acre park project by the Kuala Lumpur City Hall (DBKL), which we are building together.”

The group has allocated RM3 million to build a covered walkway linking EcoSky to the Taman Wahyu Komuter station, thereby rejuvenating the 2.72-acre neighbouring public green lung belonging to DBKL.

Eco World Development Sdn Bhd is 50% owned by Eco World Development Holdings Sdn Bhd (formerly known as Maple Quay Sdn Bhd), which in turn owns 30.01% of Eco World Development Group Bhd.


This article first appeared in The Edge Financial Daily, on March 05, 2014.