PETALING JAYA: Eco World Development Group Bhd
’s (EcoWorld) 50:50 joint venture (JV) agreements with JLand Group Sdn Bhd (JLG) is set to bolster its land bank growth in prime locations at compelling land costs, according to analysts.
The three JVs between EcoWorld and JLG’s subsidiary, JLG Investment Holdings Sdn Bhd, to jointly develop projects in Iskandar Malaysia, Johor and Sydney, Australia include strategic landbanks with a combined gross development value (GDV) of RM2.4bil.
The development projects comprised a freehold mixed-use development on 8.44 acres of land in Larkin, Johor Baru, a leasehold industrial park to be called Eco Business Park (EBP) 9 on a 316.2-acre tract in Kulai, Johor, and a 16-storey freehold residential apartment with 123 units on a 2,751 sq m site in Macquarie Park, Sydney.
CIMB Research said the purchase prices for Larkin and EBP 9, RM73.5mil and RM137.7mil respectively, translated to 7% and 14% land cost-to-GDV ratios based on the proposed GDV of RM1bil each.
“With the addition of the newly proposed acquisitions, EcoWorld’s Johor exposure will increase to 38% of its remaining landbank from 34% in the first quarter of the financial year ending Oct 31, 2026 (1Q26), while its industrial exposure will rise to 47% from 43% in 1Q26,” it said.
The Larkin development, set to comprise serviced apartments, retail, and hotel components, is expected to launch in 4Q26, according to the research house.
Facing Jalan Tun Abdul Razak, it will provide direct access to the Johor Baru customs, immigration and quarantine complex at Bangunan Sultan Iskandar.
“Meanwhile, EBP 9 will see infrastructure works commence in 2Q26, with a full launch expected in 1Q28, providing continuity to the group’s launch pipeline to tap into the burgeoning industrial hub in IBTEC, Kulai,” it added.
CIMB Research said the Macquarie Park project, representing EcoWorld’s first direct overseas venture, is strategically located to capture housing demand from professional employment and student growth.
The Macquarie Park acquisition will be acquired for RM88.8mil, implying a 21% land cost-to-GDV ratio based on an estimated GDV of RM425mil, it said.
The research house noted that EcoWorld has RM2.9bil in cash as of Jan 31, 2026 to fund its equity share of the acquisitions and development costs.
“Recent land deals also highlight the group’s strong execution capabilities and its ability to structure partnerships with various landowners,” it said.
