PETALING JAYA: The Urban Redevelopment Authority in Singapore has awarded a parcel of land to Eco World Development (S) Pte Ltd, a wholly-owned subsidiary of Eco World Development Group Bhd
(EcoWorld), for a tendered sale price of S$208.1mil (RM667.6mil).
In a filing with Bursa Malaysia, EcoWorld noted the parcel of land is located at Lorong Puntong/Sin Ming Avenue and measures 4,283.4 square metres.
The tender price amounts to S$1,612 per sq ft. The land is for a 99-year lease term and designated to be developed into residential condominiums or flats with a maximum permissible gross floor area of 11,994 square metres.
"We are planning to launch the project in 2028 under our new VERSIONE series. This latest development concept by EcoWorld offers highly curated lifestyle apartments and experiences designed to meet the needs and aspirations of each specific customer group.
"Premised on the site’s strategic location, we aim to create a distinctive residential enclave that will bring the best the EcoWorld brand has to offer to serve the discerning and sophisticated Singaporean homebuyer,” said Datuk Seri Chang Khim Wah, President & CEO of EcoWorld.
It will be home to EcoWorld’s first development project in Singapore.
EcoWorld noted the purchase price will be fully settled in cash and is expected to be funded via bank borrowings and/or internal funds, the breakdown of which has yet to be finalised at this juncture.
