KUALA LUMPUR: Eco World Development Group Bhd's unit Eco Botanic 3 Sdn Bhd has entered into conditional agreements with Permodalan Darul Ta'zim Sdn Bhd and River Retreat Sdn Bhd to jointly develop 97.21 hectare (ha) of freehold land in Iskandar Malaysia.
The land will be developed into a mixed residential and commercial township with a gross development value of RM3.88 billion, to be known as Eco Botanic 3, suitable for both first-time home buyers and M40 group.
A letter of understanding on strategic cooperation regarding the development project between Perbadanan Kemajuan Perumahan Negeri Johor (PKPJ") and PDT has also been signed.
The land is located in Iskandar Puteri next to the group's Eco Botanic and Eco Botanic 2 townships in Iskandar Malaysia.
"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," Johor Menteri Besar Johor Datuk Onn Hafiz said in a statement today.
To date, a total of 1,676 units of landed homes have already been sold and Eco Botanic 2 will be handing over 1,072 units beginning March 2024.