Eco World, S’wak businessman team up in RM8.6bil project

(From left) Eco World Development Group Bhd chairman Tan Sri Liew Kee Sin, president & CEO Datuk Chang Khim Wah, Cascara Sdn Bhd representative Mohammed Rashdan Mohd Yusof and Jendela Hikmat Sdn Bhd chairman Gen Tan Sri Datuk Seri Che Md Noor Mat Arshad (Rtd) after the signing ceremony of the MoU between EcoWorld and Cascara yesterday.

KUALA LUMPUR: Eco World Development Group Bhd (EW Bhd) is undertaking a new joint-venture (JV) mixed development project next to Setia Alam, the award-winning township in Shah Alam that helped build chairman Tan Sri Liew Kee Sin’s reputation as an industry leader.

In a filing with Bursa Malaysia on Thursday, the property developer announced that its unit Eco Grandeur Sdn Bhd was entering into a JV with Cascara Sdn Bhd, a company controlled by Sarawak businessman Tan Sri Bustari Yusuf, to develop an eco-themed mixed residential and commercial development with a potential gross development value (GDV) of RM8.58mil.

Eco Ardence, as it will be called, will be developed over 15 years on 533.92 acres of freehold land in Bukit Raja, and feature a mix of landed bungalows, semi-detached houses and terrace houses along with integrated high, mid and low-rise residential and commercial units within a fully strata-titled gated and guarded environment.

SP Setia Bhd had launched the adjoining Setia Alam in 2004 when Liew was at the company’s helm, 

The announcement of the proposed Eco Ardence development comes just a day after EW Bhd disclosed a setback in developing its Eco Marina project in Penang with a GDV of RM10bil.

In the latest project, Eco Grandeur is acquiring 50% equity interest in Jendela Hikmat Sdn Bhd for RM303.5mil. Jendela Hikmat is the JV vehicle to develop Eco Ardence, and Eco Grandeur’s equity partner is Cascara.

Boustead Holdings Bhd and its major shareholder Lembaga Tabung Angkatan Tentera had only in the last few months sold their combined 60% stake in Jendela Hikmat to Cascara, which held the remaining 40%, for RM360mil.

EW Bhd said following Eco Grandeur’s share subscription in Jendela Hikmat, the latter’s board would consist of a maximum of six directors to be nominated by Eco Grandeur and Cascara equally.

Jendela Hikmat is currently in the initial stages of development planning. Therefore, EW Bhd said, it is unable to ascertain the expected development cost required at this juncture.

EW Bhd shares shed 1 sen to close at RM1.27 on Thursday, with 376,900 shares traded.
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