Eco World Development via its subsidiary Eco Botanic 3 Sdn Bhd had entered agreements for a conditional development agreement with Johor State owned Permodalan Darul Ta’zim Sdn Bhd where PDT agreed to nominate Eco Botanic to purchase land for RM450 million for development.
The New Land will be acquired from River Retreat Sdn Bhd and is located in Iskandar Puteri next to the group’s township in Iskandar Malaysia. It is proposed to be developed into a mixed residential and commercial township development suitable for both first-time home buyers and M40 group to be known as Eco Botanic 3.
The acquisition is part of the group’s strategy to be in a market leading position in the southern state, being one of the fastest growing property hotspots in the country. The current excitement surrounding Iskandar Malaysia is backed by positive newsflow of rising foreign direct investments. The closer physical and economic ties with Singapore due to the Johor-Singapore Rapid-Transit System and planned Special Economic Zone cooperation, combined with supportive policies
from the Malaysian Government, add to the overall optimism of sustained and rapid growth.
The Proposed Development will comprise affordable products (both high-rise and landed) suitable for first time home buyers and the M40 target group. Given the high demand for well-designed townships in Iskandar Malaysia, sizeable market
catchment and strong branding established by Eco Botanic and Eco Botanic 2 in the immediate locality, the development prospects of the New Land are excellent.
