Ekovest Berhad has announced that it will not proceed with the proposed acquisition of four parcels of land intended for transit-oriented development (TOD) along the Johor Bahru-Singapore Rapid Transit System (RTS) Link.
In a filing with Bursa Malaysia today, the construction and infrastructure group confirmed that the binding term sheets for the land deal will lapse following the expiry of the final extension on 27 April 2026.
The proposed acquisition, which first came to light in October 2023, involved approximately 15.82 acres of prime land strategically located along the RTS alignment. The group had intended to leverage the proximity to the high-profile cross-border rail link for high-density TOD projects.
However, after nearly two and a half years of negotiations and multiple extensions, the parties were unable to reach a Definitive Agreement.
“Despite ongoing efforts between the parties, the Proposed TOD Lands Acquisition will not proceed. The binding term sheets will lapse as mutually agreed by both parties,” the company stated.
Both Ekovest and the unnamed vendors have agreed to a full discharge of all obligations and liabilities connected to the term sheets.
