Company set up by ex-directors and executives of S P Setia plans RM30bil projects

Property News/ 13 September 2013 Leave a comment

Group to launch various developments on 1,214ha land bank, focusing on Klang Valley, Johor and Penang

Eco World Development Sdn Bhd, a company set up by former directors and executives of S P Setia Bhd, is looking to launch projects with a gross development value (GDV) of RM30bil on 1,214ha of land.

Chief executive officer Datuk Chang Khim Wah said that at present, it was focusing on the Klang Valley, Johor and Penang.

“Up next, we would have two projects in Penang, two in the Klang Valley and four in the Iskandar region,” he told StarBiz.

On how the company managed to secure such a huge tract of land since it is a relatively new company, he attributed it to its major shareholders, Datuk Eddie Leong Kok Wah and Tan Sri Abdul Rashid Abdul Manaf, who have been in the industry for some time now.

In terms of land size, Eco World has 5.26ha in Air Itam, Penang Island; 24.28ha in Seberang Prai, Penang; 433ha in Semenyih, Selangor; 497.76ha in Tebrau, Johor; and 154.99ha in Senai, Johor.

Two of the projects to be first launched by the budding developer is a 109.27ha township development known as EcoBotanic in Nusajaya, Iskandar Malaysia, and a 4.05ha integrated mixed-use development known as EcoSky along Jalan Ipoh.

EcoBotanic, with a GDV of RM3bil, will be launched on Sept 22 and will comprise cluster homes and semi-detached houses.

One of the features of EcoBotanic is the preservation of the land’s original façade. Some 70% of the trees on the site have been preserved, with the development being built around them.

“We conserve most of the trees and retain the waterways. At the same time, we incorporate modern designs to the houses,” Chang said.

The house prices, which are estimated to begin from RM900,000 per unit for cluster units and RM1.6mil for semi-detached houses, all come gated and guarded besides offering infrastructure such as parks and Internet connection.

Meanwhile, the RM1.2bil EcoSky sits on a site bought from DRB-Hicom Bhd in April for RM69.92mil.

The mixed development will consist of 36 retail units and 940 high-rise residentials, with sizes measuring from 861 to 1,227 sq ft. Chang estimates the selling price for the units to range from RM600 to RM650 per sq ft.

According to him, 24% of the land would be reserved as green spaces and Eco World would also build a covered walkway to the commuter rail stations nearby. Interestingly, the company will arrange the leasing for the shop-owners after selling the commercial lots so as to have better control of the tenant mix.

“As there would only be limited units of shops, we want to do it as a balancing act so that we would have the right restaurants, banks and businesses,” he said, adding that if the tenant mix was done right, shop-owners would be able to secure above-average returns.

He, however, noted that Eco World would not be offering rental guarantees, and that the arrangement was an agreement with the owners of the commercial properties to give them the authority to choose the tenants.

The company had earlier on bought land totalling 249.4ha from DRB-Hicom for RM605mil. The other 248.39ha tract is situated in Tebrau, Johor.

Chang said the developer’s theme was “Creating Tomorrow and Beyond”, which would be achieved by incorporating eco elements into its products.

He said the launch of its EcoBotanic and EcoSky gallery, scheduled for Sept 22, would signify the birth of Eco World.

Separately, the company has inked a letter of intent with Salcon Bhd’s subsidiary to manage a mixed development that consists of a five-storey shopping complex and apartments.

Source: StarProperty.my

  1. HUAT
    September 13th, 2013 at 18:01 | #1

    SP Setia competitor?

  2. Chocolate
    September 23rd, 2013 at 14:34 | #2

    Believe EcoWorld will soon to have new project in Pg as they already covered the oil palm land beside NSE after 2nd link, a new township coming in???

  3. Chocolate
    September 27th, 2013 at 22:04 | #3







    E c o W o r l d最近動作頻頻,繼與實康(SALCON,8567,主板貿服組)聯營新山市中心的綜合產業計劃後,之後也獻議以近2億3千零68萬6千令吉收購富閣苑開發(FOCAL,8206,主板產業組)的65.05%股權。



    興業相信EcoWorld將進一步擴大地庫,不過由於檳島缺乏地皮,因此若能參與政府持有的峇都交灣(Batu Kawan)計劃,則將對檳島起著重大的轉型效益。


    除了恆大置地(TAMBUN,5191,主板產業組)、阿沙士世界(A S A S,5975,主板產業組)、永泰(馬)(WINGTM,2976,主板產業組)及匯華產業(HUNZPTY,5018,主板產業組)是檳城主要的地段持有者,很多地段仍由個人手握。




    他在實達集團服務期間交出良好表現,包括該公司成功攫取總值3億令吉的檳城國際展覽中心承建及營運工程,且曾是Bayan Mutiara佔地102英畝地段的競標領跑者。



  1. No trackbacks yet.
(You can also Login/Register to submit your comment using unique ID)

Comment Guidelines
  • Avoid political discussion.
  • Comments with inappropriate wordings or personal attack may be moderated or deleted.
  • Developer must register before comment. All anonymous comments claimed to be from developer without registration will be deleted.
  • All advertisement in the comment will be deleted. Please contact us for advertising details.

To advertise your property in this page under "Related Properties for Sale/Rent":
 1. Submit your property at PenangPropertySale.com, it's FREE!
 (Please do not advertise your property in the comment)