EcoWorld has paid RM156.25 million for a 20% deposit to Penang Development Corp and will make an announcement in due course after both parties entered into a deed of rescission to give effect to the rescission.
Property developer LBS Bina Group Bhd plans to launch more landed properties next year.
Property stocks have gone into a tailspin as the boom years have come to an abrupt halt. Although valuations have eased, developers are still out of favour with investors because of a lack of earnings catalysts for the medium term.
Buoyed by increasingly upscale developments such as Sunway Nexis and Cascades, capital values have appreciated moderately.
Accordingly, their plans to build an 18-hole international golf course on 150 acres of land and a mixed development named Eco Marina on the remaining acres of land fell through.
The High Court here yesterday allowed an application by the developer of the East Klang Valley Expressway (EKVE) project to be an intervenor in a lawsuit by three environmental organisations to challenge the Selangor Forestry Department’s decision to close Taman Rimba Ampang (Ampang Forest Park) to make way for the project.
Among the other pricey projects were Casa Residenza (RM510 psf) and Cova Villa (RM432 psf), which are located in Taman Sains Selangor.
Upon completion of the acquisition, Tham is effectively the single-largest shareholder of E&O, followed by Sime Darby with a 12% stake.
The most expensive project was I Residence, with an average price per unit at about RM605,000.
The 113.2ha freehold land is in Mukim Bentong, Pahang
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