PETALING JAYA: Eco World Development Group Bhd chairman Tan Sri Liew Kee Sin is returning to Bukit Raja, Klang where he has carved a niche as a reputable property developer.
Eco World has proposed to jointly develop a 533.93-acre project with a private company belonging to Tan Sri Bustari Yusof and his family members.
The land, which is located near the Bandar Setia Alam development, is planned for a project called Eco Ardence and it is expected to generate a gross development value (GDV) of RM8.58bil.
Besides Bandar Setia Alam, the other major ongoing projects near the land are Bandar Bukit Raja and Setia Eco Park.
Bandar Setia Alam and Setia Eco Park were developed by S P Setia Bhd in 2004 when Liew was at the helm of the company.
In a filing with Bursa Malaysia, Eco World said that it would pay RM303.5mil for a 50% stake in Jendela Hikmat Sdn Bhd, the company with the rights to develop the land in Bukit Raja.
The other 50% in Jendela Hikmat is held by Cascara Sdn Bhd, a private company owned by Bustari and his brother Ahmadi Yusoff. Bustari is a low-profile businessman from Sarawak who controls Petra Energy Bhd, an oil and gas company.
“We are delighted to have the opportunity to partner with Cascara to develop a sizeable tract of prime freehold land next to Setia Alam.
“Based on the initial plans that the development team has come up with, I am confident that Eco Ardence will be very well-received by our followers in the Klang Valley and will set new benchmarks for the group in our continual quest of ‘Creating Tomorrow and Beyond’,” said Liew.
Eco World president and chief executive officer Datuk Chang Khim Wah said after the signing ceremony of the proposed joint-venture (JV) with Cascara that the construction of Eco Ardence would start after the first quarter of 2017.
“This is one of the fastest-growing corridors along the central development of the Klang Valley with a mature and good quality market catchment,” he said,
Eco Ardence will be launched in 10 phases within eight years, with the first launch being its landed residential properties.
The JV company will enter into a brand licensing agreement with Eco World to enable the proposed development to be marketed as an Eco World brand project.
With Eco Ardence, Eco World’s cumulative GDV of all its Malaysian projects is close to RM80bil.
Two agreements were signed yesterday between Eco World and Cascara, with the first being a conditional share sale and purchase agreement for the proposed acquisition of a 50% stake in Jendela Hikmat for RM303.5mil.
The second agreement was for a subscription and shareholders’ agreement to jointly develop the land as a mixed residential and commercial development.
“Eco Ardence’s strategic location, large and relatively affluent population catchment will enable us to create a township with multi-generational appeal.
“We plan to have a good mix of luxurious and affordable landed homes for upgraders and there will also be innovative apartments and well-conceptualised integrated commercial units which suit the lifestyle needs of younger homeowners,” added Chang.
The mixed development is surrounded by mature townships, well-connected to major expressways, has eco-friendly development designs and freehold strata.