BANDAR PUNCAK ALAM: Eco World Development Group Bhd received its shareholders' approval for the provision of financial assistance to its subsidiary, Paragon Pinnacle Sdn Bhd.
The provision of assistance is for the purchase of land in Kuala Selangor and the development of the company's Eco-Grandeur project.
Paragon Pinnacle is a joint venture company between Eco World Development and the Employees Provident Fund (EPF), with shareholding at 60:40, respectively.
With the shareholders' approval at the extraordinary general meeting (EGM) today to extend Eco World Development's corporate guarantee, Eco World president and CEO Datuk Chang Khim Wah is confident that the project will be sold-out completely.
At present, he said after the EGM, the 2,198 acre Eco-Grandeur mixed-residential and commercial township project has already registered a take-up rate of 81 per cent for the first phase.
Eco-Grandeur, which was launched on Sept 25, 2016, also has a 518-acre business park component to it.
With various other phases expected to kick in in the coming years, the development should see completion in 10-15 years.
"We have met our sales target of RM4 billion, and next year also, our sales target is RM4 billion," Chang said.