Eco Horizon to buy land in Batu Kawan for RM620m

eco-world-land-dealEco Horizon Sdn Bhd, a wholly-owned unit of Eco World Development Group Bhd, has signed a conditional agreement with Batu Kawan Development Sdn Bhd (BKDSB) to acquire a piece of land in Seberang Prai, Penang, for RM681.99 million.

In a filing to Bursa Malaysia on Tuesday, Eco World said its unit has also signed a revocation and rescission agreement with BKDSB and Silver Setup Sdn Bhd (SSSB), a wholly-owned unit of Malton Bhd, to revoke and rescind the joint development agreement made between both companies in Oct 10, 2012.

Pursuant to the revocation agreement, Eco Horizon said, it has agreed to pay SSSB a revocation sum of RM50 million.

Eco World said Eco Horizon also signed an agreement with BKDSB and Penaga Pesona Sdn Bhd to acquire 30.32ha at the same location for RM143.25 million.

“The proposed acquisitions will provide Eco World with a replacement opportunity in the form of prime land of a similar size in the fast-growing industrial/commercial and residential hotspot.

“It will also enable the group as a whole to achieve an optimal geographic spread of its total landbank by acreage and gross development value in a manner which reflected the demographic structure of the country’s population by size and relative income levels,” it said.

In a separate filing, Malton said the proposed revocation represented an opportunity for SSSB to exit the joint venture for a one-off compensation sum of RM50 million.

“Further, SSSB would be able to fully recover all advances made to BKDSB under the agreement which could be re-channelled to Malton and its units’ other ongoing property development projects,” it said.

Source: Bernama

  1. User1
    June 28th, 2016 at 21:37 | #1

    Where has Global Oriental gone?

  2. User1
    June 28th, 2016 at 21:37 | #2

    Where has Global Oriental gone? they move out from Batu Kawan?

  3. hehe
    June 28th, 2016 at 22:57 | #3

    another land ecoworld acquire is the current GOB show office and show house situated. GOB surrender to ecoworld? whats coming 2 project ecoworld to be here…. will see..

  4. Hurray
    June 29th, 2016 at 13:21 | #4

    So quickly buy their existing projects (Eco Meadows or Eco Bloom) which is freehold.

    These 2 pieces of land will be high GDV development which is more expensive or high density development.

  5. bloody greed
    July 11th, 2016 at 07:04 | #5

    with briexit the world economy so uncertaint, u continue to dream on man. ECOEXIT.

  6. User1
    July 22nd, 2016 at 17:16 | #6

    Global Oriental tapao d lar, totally no movement for the past 2~3 years

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