Eco World Development Sdn Bhd, a company set up by former directors and executives of S P Setia Bhd, is looking to launch projects with a gross development value (GDV) of RM30bil on 1,214ha of land. Chief executive officer Datuk Chang Khim Wah said that at present, it was focusing on the Klang Valley, Johor and Penang. “Up next, we would have two projects in Penang, two in the Klang Valley and four in the Iskandar region,” he told StarBiz. On how the company managed to secure such a huge tract of land since it is a relatively new company, he attributed it to its major shareholders, Datuk Eddie Leong Kok Wah and Tan Sri Abdul Rashid Abdul Manaf, who have been in the industry for some time now. In terms of land size, Eco World has 5.26ha in Air Itam, Penang Island; 24.28ha in Seberang Prai, Penang; 433ha in Semenyih, Selangor; 497.76ha in Tebrau, Johor; and 154.99ha in Senai, Johor. Two of the projects to be first launched by the budding developer is a 109.27ha township development known as EcoBotanic in Nusajaya, Iskandar Malaysia, and a 4.05ha integrated mixed-use development known as EcoSky along Jalan Ipoh. EcoBotanic, with a GDV of RM3bil, will be launched on Sept 22 and will comprise cluster homes and semi-detached houses. One of the features of EcoBotanic is the preservation of the land’s original façade. Some 70% of the trees on the site have been preserved, with the development being built around them. “We conserve most of the trees and retain the waterways. At the same time, we incorporate modern designs to the houses,” Chang said. The house prices, which are estimated to begin from RM900,000 per unit for cluster units and RM1.6mil for semi-detached houses, all come gated and guarded besides offering infrastructure such as parks and Internet connection. Meanwhile, the RM1.2bil EcoSky sits on a site bought from DRB-Hicom Bhd in April for RM69.92mil. The mixed development will consist of 36 retail units and 940 high-rise residentials, with sizes measuring from 861 to 1,227 sq ft. Chang estimates the selling price for the units to range from RM600 to RM650 per sq ft. According to him, 24% of the land would be reserved as green spaces and Eco World would also build a covered walkway to the commuter rail stations nearby. Interestingly, the company will arrange the leasing for the shop-owners after selling the commercial lots so as to have better control of the tenant mix. “As there would only be limited units of shops, we want to do it as a balancing act so that we would have the right restaurants, banks and businesses,” he said, adding that if the tenant mix was done right, shop-owners would be able to secure above-average returns. He, however, noted that Eco World would not be offering rental guarantees, and that the arrangement was an agreement with the owners of the commercial properties to give them the authority to choose the tenants. The company had earlier on bought land totalling 249.4ha from DRB-Hicom for RM605mil. The other 248.39ha tract is situated in Tebrau, Johor. Chang said the developer’s theme was “Creating Tomorrow and Beyond”, which would be achieved by incorporating eco elements into its products. He said the launch of its EcoBotanic and EcoSky gallery, scheduled for Sept 22, would signify the birth of Eco World. Separately, the company has inked a letter of intent with Salcon Bhd’s subsidiary to manage a mixed development that consists of a five-storey shopping complex and apartments.
Posted on: Fri, 13 Sep 2013 04:43:55 +0000
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