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Eco World and another large firm to build resort themes park

July 2nd, 2014 Leave a comment

In May this year, Eco World president and chief executive officer Datuk Chang Khim Wah (pic) told StarBiz that the freehold land status and location near the second link and adjacent to the North-South Highway gave it great potential to be developed as a mixed-development project.

Penang Development Corp (PDC) has firmed up plans to turn some 312ha near the Second Bridge in Batu Kawan into a theme park with a resort and golf course.

Towards this end, PDC is expected to award the development of two projects to two firms that are big names in the property development sector.

Sources said that one of them was Eco World Development Group Bhd, which is the fastest-growing name in the property sector this year because of its links to Tan Sri Liew Kee Sin, formerly of S P Setia Bhd.

“Eco World has won the tender to develop a golf course and mixed-residential property project encompassing an area of 190ha,” said a source.

It is learnt that PDC is in the final stages of negotiations with the group, firming up terms and conditions.

“When PDC called for tenders, Eco World was the sole participant, bidding to pay RM35 per sq ft for the land. If the land is for commercial usage, then the bid will open at RM45 per sq ft,” a source said.

Eco World’s parcel involves the development of a golf course and a mixed-residential scheme. “It’s not a commercial project,” a source said.

Eco World will use 60ha for the golf course project and the balance 130ha for a mixed-residential property scheme.

On an adjoining land measuring 121.4ha, the sources said, a large Kuala Lumpur-based resort and theme park operator had made a bid together with an overseas developer that specialised in theme park development.

“But the tender exercise for the second parcel, which is bigger, has yet to be completed,” an executive added.

Eco World already owns a 24.28ha parcel of land in Bukit Tambun, on which it plans to launch a RM920mil mixed development called EcoMeadows next year.

If it is awarded the job to develop the 190ha land in Batu Kawan, it would pave the way for Eco World to be established as a major land owner and developer in the state.

In May this year, Eco World president and chief executive officer Datuk Chang Khim Wah told StarBiz that the freehold land status and location near the second link and adjacent to the North-South Highway gave it great potential to be developed as a mixed-development project.

He had said the company was planning the development of a mini mall, comprising shops and offices all designed in line with its “Eco” theme that emphasises sustainability and livability.

“Over time, we aim to build up our presence in Penang so that it will be able to consistently contribute around 10%-15% to total group sales,” he said.

On Penang island, the group is planning to preview the RM340mil EcoTerraces in Paya Terubong, comprising luxury landed homes, condominium units and a private residents’ club on a 5.26ha site.

Since the announcement of the second bridge in 2006, property prices in Seberang Prai and on the island have surged significantly.

The price of vacant land in the area, especially in south Seberang Prai where the second bridge is located, is now hovering between RM40 and RM50 per sq ft, a huge jump from 2006’s RM8-RM9 per sq ft range, according to Henry Butcher Malaysia (Seberang Prai) Sdn Bhd associate director Fook Tone Huat.

Land prices in central and north Seberang Prai are now within the range of between RM50 and RM100 per sq ft, compared with RM20 and RM40 per sq ft then.

The attraction of Seberang Prai has also lured Mah Sing Group Bhd to acquire land-bank near the mainland where the second bridge lands.

Last December, Mah Sing acquired a 30.9ha site in Jawi, comprising 20 pieces of prime freehold contiguous land, for RM400mil.

According to group managing director and chief executive Tan Sri Leong Hoy Kum, the group plans to introduce an integrated township called Southbay East, which will comprise linked homes, semi-detached units and town houses.

Source: StarProperty.my

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  1. Messi
    July 2nd, 2014 at 15:50 | #1

    bravo SPT, SPS..

  2. Song
    July 2nd, 2014 at 16:40 | #2

    Hehehe….I heard they will be launching gated & guarded, terrace at RM480k, Semi-D at RM650k.

  3. homelover
    homelover
    July 2nd, 2014 at 17:03 | #3

    Wow ~~ mini iskandar in bulild!!!

  4. homelover
    homelover
    July 2nd, 2014 at 17:27 | #4

    “A large Kuala Lumpur-based resort and theme park operator had made a bid together with an overseas developer” – who is that kl based resort and theme park operator??? Sunway???
    Want to accumulation their shares liao!!!
    Tambun, gob, malton and even eco world shares up for at least 5% due to this news!

  5. Chocolate
    July 2nd, 2014 at 17:30 | #5

    Song :
    Hehehe….I heard they will be launching gated & guarded, terrace at RM480k, Semi-D at RM650k.

    Terrace 480K? Yes, look for ban ban Tan.

  6. Spiderman
    July 2nd, 2014 at 17:31 | #6

    Lai liow, lai liow. Wah, so many projects to buy, afraid no money only.

  7. Spiderman
    July 2nd, 2014 at 17:49 | #7

    Chocolate :

    Song :Hehehe….I heard they will be launching gated & guarded, terrace at RM480k, Semi-D at RM650k.

    Terrace 480K? Yes, look for ban ban Tan.

    Wei, u think terrace 480K is cheap si boh ? 480K boh pan ghee lah, kui pun. Price correction ma since less speculators already.

  8. Chocolate
    July 2nd, 2014 at 19:46 | #8

    U need to know how eW price thier property la..kui arr? They will say pls go to buy Asas Dunia Hijauan if u feel kui..

    Study their ecoBotanic which vey close to the HTC and latest ecoTropics which very far from city center, then u know 480K only can get eW single storey la..

  9. Chocolate
    July 2nd, 2014 at 19:47 | #9

    Ppl buy the brand and landscaping idea, not the house la..ai pi ai ci have to go elsewhere lo..

  10. Segafr3do
    July 3rd, 2014 at 20:05 | #10

    True….at least rm550k and above ….

  11. Messi
    July 3rd, 2014 at 20:12 | #11

    Segafr3do :
    True….at least rm550k and above ….

    at least 550k is current price. they will only launch next year. let’s see how far the price will go up one year from now.

  12. Segafr3do
    July 3rd, 2014 at 20:16 | #12

    Ya, ecomeadow also in the range of rm600k to rm 3mil…..

  13. Chocolate
    July 3rd, 2014 at 21:04 | #13

    Don’t think 550K only..now SPT terrace already hit 600K. When the time eW launching, I guess the price will go beyond 650K.

  14. Issem
    July 3rd, 2014 at 21:51 | #14

    Do not buy ecoworld product.. Come come buy my cemetry-condo at shineville park. Very eco-theme as the land is special where two world come together between the dead and the living.. Please, buy from me.. The place is cursed!!

  15. Rose
    July 3rd, 2014 at 23:36 | #15

    Why are you guys so stoopid? *sigh*. Really don’t know what to say!

    It was mentioned very clearly in the article above that “…..When PDC called for tenders, Eco World was the sole participant, bidding to pay RM35 per sq ft for the land…”

    Guess why EcoWorld was the sole participant? Guess. Think harder! THINK! Use your brains!! Forgot where you left it?….Hahahaha

  16. peter
    July 4th, 2014 at 01:13 | #16

    They launch later already indicate they dont want to give it cheap. Theme park is a good news to mainland development.

  17. chua
    July 4th, 2014 at 07:47 | #17

    ya hor, why only 1 participant in the tender? hhmmm…..

  18. Glow
    July 4th, 2014 at 10:03 | #18

    I wonder which theme park will be coming. Universal Studio?

  19. Rose
    July 4th, 2014 at 13:32 | #19

    The reason for the low participation is the developer must build gated & guarded terrace costing not more than RM500,000 and semi-D not more than RM700,000. There will be a total of 7000 units +/- of residential units. For those thinking of buying a home, you should wait for this. It will be worth the wait.

  20. beh tong
    July 4th, 2014 at 13:49 | #20

    Rose :
    The reason for the low participation is the developer must build gated & guarded terrace costing not more than RM500,000 and semi-D not more than RM700,000. There will be a total of 7000 units +/- of residential units. For those thinking of buying a home, you should wait for this. It will be worth the wait.

    i think your brain haven’t get up and still dreaming.

  21. Kiam
    July 4th, 2014 at 15:57 | #21

    @Rose

    700k for semi-D at Batu Kawan? Price might be acceptable for others, I think it is too pricey.

  22. Rose
    July 4th, 2014 at 17:51 | #22

    Hi All,

    Hahaha….Pricy or cheap, dreaming or awake, well, I’m ok with anything. I did not write the tender spec, it’s PDC who wrote the spec. And that’s what the spec says, the successful tenderer cannot sell the gated & guarded more than RM500k for terrace, and RM700k for semi-ds. I guess that’s why there was no competitor to fight with ecoworld during the tender, and they got it at open bid price.

  23. James
    July 4th, 2014 at 19:26 | #23

    Rose :
    Hi All,
    Hahaha….Pricy or cheap, dreaming or awake, well, I’m ok with anything. I did not write the tender spec, it’s PDC who wrote the spec. And that’s what the spec says, the successful tenderer cannot sell the gated & guarded more than RM500k for terrace, and RM700k for semi-ds. I guess that’s why there was no competitor to fight with ecoworld during the tender, and they got it at open bid price.

    Where is the prove? no prove means bullshit.

  24. Spiderman
    July 4th, 2014 at 20:01 | #24

    So, are you guys happy if EcoWorld sells them very pricey and expensively ?
    Come on, don’t be brainwashed and dance to the music of developers and REDHA that property price need and ought to be expensive and pricey for new launch.
    Come on, the land price they bought is only RM35 psf.
    If PDC set this condition for the tender is true, then we should thank PDC for brave and thoughtful move.
    So, if launch price is more than 600K for terrace, are you going to be happy that your prediction is correct and yeah instead of sigh and shaking head ?

  25. James
    July 4th, 2014 at 23:08 | #25

    They said will launch eco meadow in bukit tambun next year. How about this batu kawan? when launch? next 3 years and still rm480k?

    If batu kawan one is 480k, how about eco meadow? 380k?

    Or Eco Meadow 600k and then later downgrade to 480k for batu kawan?

  26. david
    July 4th, 2014 at 23:29 | #26

    Something interesting is going on in Spore. So far, the gov has been very successful in reversing (reducing) property prices with various intervention policies, without causing a financial crisis. PG can learn something from there, on how to “induce” a downward trend in property prices without causing a financial crisis. PG gov needs to proactively manage property prices, otherwise the middle income and younger generation will suffer.

  27. PENANG
    July 5th, 2014 at 09:18 | #27

    Congrats DAP for successfully helping the PENANG. I salute THEM 110%

  28. Lim
    July 5th, 2014 at 09:19 | #28

    PENANG :Congrats DAP for successfully helping the PENANG. I salute THEM 110%

    I agreed they had doen a wounderful job

  29. cl
    July 5th, 2014 at 11:11 | #29

    Png gov doing great job! More to come. Lets celebrate heritage day together!

  30. Rose
    July 14th, 2014 at 08:02 | #30

    this theme park at batu kawan will succesfull by foreigners

  31. IsaacTan
    IsaacTan
    July 14th, 2014 at 09:26 | #31

    Besides on all this tourist attraction places, hopefully gov could get approval on it’s infrastructure like airport expansion, LRT & etc9of course not to forget the undersea tunnel).
    If our neighbouring country Sg can do it, i think Pg also can!
    All the best….Yahoo

  32. Mutiah
    July 14th, 2014 at 14:01 | #32

    Rose :
    this theme park at batu kawan will succesfull by foreigners

    Rose, what sort of English are you using? Shame on you!

  33. The Real McCoy
    July 14th, 2014 at 14:10 | #33

    @Mutiah

    Comment #31 was a fake Rose who can’t speak a word of proper english, but thinks everything “foreign” is superior. This is the real Rose, who would never look down on Msians, and proud to be one.

  34. IsaacTan
    IsaacTan
    July 14th, 2014 at 14:35 | #34

    @The Real McCoy

    Did i mentioned anything that sounds looking down on Msians?

  35. The Real McCoy
    July 14th, 2014 at 14:44 | #35

    @IsaacTan

    Nope. Unless you are the “Fake Rose”…:)

  36. IsaacTan
    IsaacTan
    July 14th, 2014 at 15:00 | #36

    Rose is rose la….Dont even know if is a he/she…..
    By the mean time, anyone know what’s the status for the undersea tunnel?

  37. joe
    July 14th, 2014 at 15:53 | #37

    undersea tunnel I thought since March / April they are conducting some EIA investigation? how come no news?

  38. Relax
    July 14th, 2014 at 16:07 | #38

    joe :
    undersea tunnel I thought since March / April they are conducting some EIA investigation? how come no news?

    No news means no green light. Simple

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