KUALA LUMPUR: Eco World Development Group Bhd's wholly owned unit, Majestic Blossom Sdn Bhd, has entered into a share sale agreement with Univas (Far East) Sdn Bhd to acquire about 199.37 hectares (492.65 acres) of land in Ulu Langat, Selangor, for RM225.33 million.
AmInvestment Bank Bhd, on behalf of Eco World, said the acquisition would be funded through internally generated funds and bank borrowings.
It said the proposed acquisition would enabled Eco World to achieve greater economies of scale, improve operational efficiency and effectiveness and reap the long-term benefits of the significant investments in infrastructure and manpower that it would be making within the fast growing Semenyih Corridor.
"The proposed development of the land as a mixed residential and commercial township development with a focus on affordable housing can therefore be planned to complement the group's overall master development strategy for Eco Majestic township," it added.
AmInvestment Bank said the estimated gross development value for the project is about RM3.5 billion and would be funded through external borrowings.-- Bernama