KUALA LUMPUR: Eco World Development Group Bhd has bought a RM225.33mil land in Beranang, Ulu Langat, Selangor from Univas (Far East) Sdn Bhd for the purpose of developing it into a township.
In a filing to Bursa Malaysia on Wednesday, Eco World said the purchase was done via its unit Majestic Blossom Sdn Bhd.
The land is measured at 492 acres and is situated between the towns of Semenyih and Broga.
Over the last several months, Eco World has announced a series of acquisitions and corporate exercises to boost its pipeline of projects and strengthen its balance sheet for future growth.
“The proposed acquisition will be undertaken by Majestic Blossom, the same wholly-owned subsidiary of EW Berhad which is acquiring the development rights to develop Eco Majestic in Semenyih, as announced on Apr 25, 2014.
“The proposed development of the land as a mixed residential and commercial township development with a focus on affordable housing can therefore be planned to complement the group’s overall master development strategy for Eco Majestic,” it said.
Upon completion of the land, it said the group’s landbank in Semenyih alone will increase to approximately 1,500 acres.
It said the estimated gross development value for this project is approximately RM3.5bil and will be funded through external borrowings.