ISKANDAR PUTERI: Eco World Development Group Berhad (“EcoWorld Malaysia”) announced today that its wholly owned subsidiary, Eco Botanic 3 Sdn Bhd, has entered into conditional agreements to jointly develop 240.314 acres of freehold land (“Land”) in Iskandar Malaysia. An exchange of documents between the related parties was witnessed by Yang Amat Berhormat Dato’ Onn Hafiz bin Ghazi, Menteri Besar Johor. 

Key facts about the deal are summarised below: 

• Documents signed:  
  • Development Agreement with Permodalan Darul Ta’zim Sdn Bhd (“PDT”) for the rights to develop the Land; 
  • Agreement with the landowner, River Retreat Sdn Bhd (“RRSB”) to pay RM450,127,347. RRSB is a subsidiary of Iskandar Investment Berhad (IIB), the master developer of Medini, Iskandar Puteri.    
  • Letter of Understanding on strategic cooperation regarding the development project between Perbadanan Kemajuan Perumahan Negeri Johor (“PKPJ”) and PDT. 

• Location of the Land – immediately adjacent to Eco Botanic and Eco Botanic 2, EcoWorld Malaysia’s well-established township developments in Iskandar Puteri and within minutes’ drive from EduCity, LEGOLAND, Puteri Harbour, numerous medical and wellness facilities and other amenities.  

• Excellent connectivity to major highways, such as the Malaysia-Singapore Second Link Expressway and the Iskandar Coastal Highway.  

• To be developed into Eco Botanic 3, a mixed residential and commercial township with an estimated Gross Development Value of RM3.88 billion, targeting first-time homebuyers and the M40 group to further support the State’s M40 agenda. 

In a statement to the media, YAB Menteri Besar Johor Dato’ Onn Hafiz said:  

“The development of this project is very significant for the target group to be able to own a home in the strategic and rapidly developing urban area of Iskandar Puteri. 

“The synergy between the state government and private sector is important in ensuring that progress of the housing sector in the state is always competitive, especially for the provision of affordable homes for the M40 group, which should be comfortable to live in and offering better quality of life for the people of Johor.” 

Commenting on the deal, President & CEO of EcoWorld Malaysia Dato’ Chang Khim Wah said: 

“We are very pleased to be given the opportunity once again to work with PDT to further expand our Eco Botanic flagship projects in Iskandar Puteri and we are extremely grateful to all parties for the success of Eco Botanic 2 in fulfilling the state’s M40 agenda. 

“The new Land for Eco Botanic 3 serves as a continuation to provide the target group of M40 and younger generation in meeting their property ownership aspirations, a common objective shared by EcoWorld, PKPJ, PDT and RRSB. Accordingly, Eco Botanic 3 has been structured based on the proven success of Eco Botanic 2’s joint development model. This will enable the project to not only continue to offer affordable products (both high-rise and landed) for the targeted segment. but for buyers to enjoy the same quality products that EcoWorld is known for under its Eco Townships revenue pillar – landed strata living which includes beautifully landscaped parks, gated and guarded security, established and comprehensive lifestyle amenities and infrastructure.”