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The deal allows MGB to start getting approvals and launch the project in the third quarter, which is expected to take four years to complete.

Ho Hup said details of the scheme of arrangement will be announced later.

“As a result of the above decision, the adjudication decision has been enforced by virtue of Section 28 of the Construction Industry Payment and Adjudication Act 2012 as if it is a judgement or order of the High Court.

Of the West Coast Expressway’s 11 sections, eight have been completed and begun operations — the most recent being Section 2, which commenced in January this year.

The purchase is “purely for investment purposes”, the metal building material maker said.

Fong was initially suspended for two weeks from April 7 as a precautionary measure to facilitate an independent review into alleged misconduct that may have breached the company’s internal policies and terms of employment.

Analysts said the development reinforces EcoWorld’s long-term growth prospects from resilient demand for industrial assets, while the price tag for the project land is also fair.

While recognising the significant merits of the proposed Act in advancing urban renewal, MIP added that there “remains an opportunity to further enhance certain provisions to strengthen clarity, inclusivity, and practical applicability”.

Approval for advance works under Section 20A of Town and Country Planning Act 1976 was received on April 15, 2025, MRT Corp said in a Sunday statement.

The Vision Business Park (VBP) features an 80:20 industrial-to-commercial ratio, with 623 acres for industrial use and 137 acres for commercial businesses of all sizes.