PETALING JAYA: Eco World Development Group Bhd
is proposing to buy 22.734 acres of freehold commercial land in Semenyih, Selangor for RM82.19mil from Boustead Properties Bhd.
In a filing with Bursa Malaysia, the property group said its 81%-owned subsidiary, Mutiara Balau Sdn Bhd (MBSB) has entered into a conditional sale and purchase agreement for the land with Boustead Properties’s wholly-owned subsidiary, Boustead Balau Sdn Bhd.
Boustead Properties also holds the remaining 19% equity interest in MBSB.
The land is located adjacent to Eco World’s upcoming Eco Radiance township in Semenyih.
Eco Radiance, with an estimated gross development value (GDV) of RM4.6bil, is the developer’s third township in this rapidly growing property development hotspot.
Apart from enhancing the masterplanning of this new township, Eco World stated that the land acquired enables it to broaden its range of products under the Eco Hubs and Eco Rise pillars in Semenyih.
Eco World added that depending on the market conditions, the commercial components can be readily launched once the proposed land acquisition is completed. The commercial components may comprise of commercial shops and serviced apartments, which include EcoWorld’s Duduk series.
The preliminary estimated GDV of the new land is RM560mil, bringing the total combined GDV of Eco Radiance to RM5.16bil.
The proposed land purchase will be funded with internal funds and bank borrowings and the purchase is expected to be completed by the first quarter of 2026.
