SHAH ALAM: Eco World Development Group Bhd (EcoWorld) has expanded its landbank with the acquisition of 199.37ha in Semenyih, Selangor, for RM225.33 million.
EcoWorld, through wholly-owned Majestic Blossom Sdn Bhd, bought the land from Univas (Far East) Sdn Bhd.
The land is located near EcoWorld’s current project, EcoMajestic, and is 15km southeast of Kajang and 40km southeast of Kuala Lumpur.
“This latest acquisition will increase our landbank in Semenyih to about 607ha,” said EcoWorld president and chief executive officer Datuk Chang Khim Wah in a statement yesterday.
“With two sizeable projects in this fast-growing development corridor, EcoWorld is well-positioned to serve a broad range of customers, and we intend to come up with exciting and innovative product offerings.”
He said the launch of the 434ha EcoMajestic in May saw a take-up rate of 95 per cent for the first phase, which comprised 612 units of two-storey terraced houses, prompting the developer to acquire more land for further development.
The acquisition is in line with EcoWorld’s goal to enlarge its presence in the Klang Valley, Iskandar Malaysia and Penang, with an increased landbank to more than 1,619ha from 537ha.
The Semenyih land, which has a gross development value of RM3.5 billion, has been planned for a mixed residential township with a focus on affordable housing and will complement the group’s overall master development strategy for EcoMajestic.
“Given the location, there is good potential for demand to be captured from older neighbouring townships, such as Bandar Rinching, Bandar Tasik Kesuma and Bandar Sunway Semenyih,” said Chang.
The acquisition will be funded through internally-generated funds and bank borrowings.