Eco Marina and Golf Course at Batu Kawan Cancelled
EcoWorld: Award for 449.64-acre land in Batu Kawan rescinded
Eco World Development Group Bhd (EcoWorld) has agreed with the Penang Development Corp (PDC) to rescind a letter of award dated March 26, 2015 for the purchase and development of 449.64 acres of land in Bandar Cassia, Batu Kawan.
Accordingly, their plans to build an 18-hole international golf course on 150 acres of land and a mixed-use development named Eco Marina on the remaining acres of land fell through.
“However, extensive studies undertaken as part of the detailed planning process have revealed that the acreage required for the golf course development will be significantly higher than originally contemplated which adversely impacts the viability of the project,” said EcoWorld.
EcoWorld president Datuk Chang Khim Wah (pictured) said while the group accepts the unavoidable circumstances that led to the rescission of the letter of award, it remains keen on Penang, calling it a “valued market”.
“We are confident that Batu Kawan holds much promise as Penang’s future engine of growth and are keen to play a role in making it a key development hotspot for the nation. Accordingly, we will continue to look for other opportunities to acquire good landbank here to develop more townships. This will enable us to replicate and build on the success we have enjoyed with our Eco Meadows project on the mainland,” he said.
PDC is expected to execute a deed of rescission soon, said the group.
Source: TheEdgeProperty.com.my
Wah very shiok ah the developer, never do the due-d properly, and now after being awarded the project, can cancel without penalty? Eco World only wants to suck the buyers’ blood, and suck a lot, if not enough blood, they will cancel project, and then call penang property market a “valued market”, “interestsing market” etc! Go and suck you own c*ck lah!
Hear! Hear!
See what I said about mainland properties! Classic case…..no future!
Those who bought at Batu Kawan will be quivering in their pants!
Looks like B.Kawan project is a failure???
Looks like B.Kawan project a failure???
@Kuaikukia
No lah, this does not show bkawan is a failure lah. This only shows EcoWorld very hand gun and greedy, and after the lessons they learnt from their paya terubong project, they know penangites are smart investors, who are very careful with their money (take note this does not mean they don’t have money). They don’t simply buy crap. They want good location at reasonable price.
Bkawan will be a modern satelite town in penang that’s for sure. It serves as an excellent alternative for people who emphasize on “bigger home size on a budget” as oppose to “trendy small apartments” in a classy neigbourhood on the island, just like a 200k mini cooper vs an 80k toyota innova.
Luckily didn’t invest there. Island is safer.
no demand so no point to invest loh……
developer know well the potential…..
how about eco meadows..now i’m curious for subsequent project by eco world in mainland side.hmm
@penangites
Then you go to eco bloom show unit this sunday to find out.
Come come…
There is just simply too much land on the mainland side…..this fact has suddenly dawns on EcoWorld…..scared the s*** out of them……total panic
EcoWorld house very luxury and very expensive. Batu Kawan land very cheap indeed. They earn a lot.
If they can earn a lot why do they give up???
Because nobody want to spend so much in the cheap land. The price not match with the status
They paid rm50 psf … is it “cheap” ? or penang govt asking price was too high ??
No hope for Batu Kawan to become a high tech park
It is people like you all that keep saying mainland no value that drive up the price in island, causing people that need a roof over their heads.
Stop investing in house and let first time buyer that really need a a home to have a chance.
And getha.
Mindset like you is what selfish people is all about.
In life it is the survival of the fittest! If you lose out…too bad…so sad!
No hope for Batu Kawan for anything at all!
@Ivan555
Relax mate…no worries…just merely business decision…Golf course may not be suitable for the time being…BK is very new town and considered having good progress already…10years ago only has stadium…now design village will open in Nov…2018 will have IKEA…followed by Vertu resort…ok already la…The key development will still be focused in BW & BM because of high density of population…
Last but now least..Getha is not selfish but egoistic with island supremacism…this was probably he didn’t benefit from mainland development so please take it easy…
Investment wise we always look at ROI…like my DST in BM,I bought at RM210K and now worth RM510k, the ROI is 150%….my condo purchased later at RM390k and now worth RM460k..
For me,I dun give a damn if island is better but by looking long term where we could reap highest ROI…Like I mentioned,islanders have same level of pay as mainlanders but the properties on island are min 50% higher in price…so the future trend is more islanders will gradually move to mainland for better cost of living…my neighbor is one of the case…
BK is required another 20years to become a mature town…so investment wise is considerable…
Gone with the wind
i went to sunway carnival and saw ecoworld with their new project name eco bloom and they r giving high rebates and show unit opening is on 12 of june. should i go for it ? need some advise. TQ
Getha, i dun usually like to comment in forum. but ur threads…
i wonder how fit r u to judge others
I do not judge. I admire the successful and disdain the failures for the simple reason the successful ones have earned the right to the luxuries in life while the failures, well…… will remain failures. Thats is the way the world is today. You may dislike it but that’s reality. Grow up and face it!
In terms of investments, Island properties will always be much better. Avoid mainland properties.