Headline

 



EcoWorld to launch RM8.58 billion luxury freehold eco-township next to Setia Alam

The proposed masterplan of Eco Ardence. The proposed masterplan of Eco Ardence.

Eco World Development Group Bhd (EcoWorld) today entered into a joint venture (JV) with Cascara Sdn Bhd to develop Eco Ardence, a freehold 533.92-acre luxury township with an estimated gross development value (GDV) of RM8.58 billion, next to Setia Alam.

The JV entails two agreements — EcoWorld’s wholly-owned subsidiary Eco Grandeur Sdn Bhd entering a conditional share sale and purchase agreement to acquire 31 million shares or 50% equity stake in Cascara’s unit Jendela Hikmat Sdn Bhd for RM303.5 million, and a subscription and shareholders’ agreement to jointly develop the project land.

Upon completion of the share acquisition, EcoWorld will have access to three pieces of adjacent freehold lands which both parties agreed to value the lands at RM1.292 billion.

The land value of RM1.292 billion agreed by the both parties also represent a discount of RM3.48 million or 0.27% from Henry Butcher Malaysia Sdn Bhd, being the independent market valuer appointed by EcoWorld, who has valued the land at RM1.29 billion.

The amount of RM303.5 million represents 50% of adjusted net asset value (NAV) of the said lands. Ultimately, both parties will jointly invest and fund Jendela Hikmat as the JV vehicle to develop Eco Ardence.

The agreements were signed by EcoWorld president and CEO Datuk Chang Khim Wah and Cascara representative Mohammed Rashdan Mohd Yusof here, witnessed by EcoWorld chairman Tan Sri Liew Kee Sin and Jendela Hikmat chairman Tan Sri Che Md Noor Mat Arshad.

Interestingly, government-linked company Boustead Holdings Bhd and its major shareholder Lembaga Tabung Angkatan Tentera (LTAT) had only in the last few months sold their combined 60% stake in Jendela Hikmat to Cascara, which held the remaining 40%, for RM360 million. 

Cascara Sdn Bhd is said to be a company controlled by Sarawak businessman Tan Sri Dato Bustari Yusuf and Ahmadi bin Yusoff.

 

 

The project is located in the vicinity of Bukit Raja, Bandar Setia Alam and Setia Eco Park. The latter two are multiple award-winning townships that helped build chairman Tan Sri Liew’s reputation as an industry leader when he was helming S P Setia Bhd.

"The project has 10 phases, and should be completed in 15 years. We are aiming to launch the first phase in the first quarter of 2017. We should be launching the landed residences first," Chang told reporters after the signing ceremony today.

Eco Ardence will comprise a good 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.

Chang added that 40.43% of the township will be allocated for landed and high-rise residences, 5.62% for affordable housing, 14.7% for commercial properties, 10.31% for community facilities, 12.2% for green space and 16.4% for road and infrastructure.

He noted that while Eco Ardence will be a luxury development that boasts EcoWorld’s signature large roundabouts, landscaping and water features, it will also have mid-range and affordable homes.

Moreover, the township will cater for upgraders from the locality, not foreigners, he added.

"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. There will also be innovatively designed apartments and well-conceptualised integrated commercial units," he said.

"We all know Shah Alam and Setia Alam are mature areas. There are many people living there for more than 10 years. Launching a luxury project is tough now but we believe the right product will always attract people," Chang noted.

Currently, the land is accessible by New Klang Valley Expressway (NKVE), Federal Highway and Klang via Jalan Meru.

He also said that the project was supported by infrastructural improvements such as the opening of the New Klang Valley Espressway (NKVE) link to Jalan Meru via Setia Alam, widening of Jalan Meru and improvements to surrounding access roads.

On rationale, EcoWorld said the proposed JV provides an opportunity for the Group to work together with Cascara to undertake the large-scale project, without over-extending its balance sheet.

"In addition, EcoWorld Project Management Sdn Bhd (EWPM) will be appointed as the development manager, and Jendela Hikmat as the joint venture vehicle will enter into a brand licensing agreement with EWPM to enable the proposed development to be marketed as an EcoWorld brand project," it added.

Jendela Hikmat is currently in the initial stages of development planning and is unable to ascertain the expected development cost required for the proposed township development at this juncture.

The announcement of the proposed Eco Ardence development comes just a day after EcoWorld disclosed a setback in developing its Eco Marina project in Batu Kawan, Penang with a GDV of RM10 billion.

 

Sheer driving pleasure awaits you as you enter Eco Ardence.Sheer driving pleasure awaits you as you enter Eco Ardence.

 

Location of Eco Ardence township.Location of Eco Ardence township.

 

Rate this item
(6 votes)

18 comments

  • RobertNib
    RobertNib Monday, 14 August 2017 12:31 Comment Link

    double diamonds slot machine
    online roulette
    sign up bonus for online casino
    online roulette
    uk online casino

    Report
  • DavidMab
    DavidMab Sunday, 13 August 2017 19:05 Comment Link

    live online casino real money
    real money online casino games
    gambling sites for us
    real money online casino games
    online 21

    Report
  • ThomasDar
    ThomasDar Saturday, 12 August 2017 20:57 Comment Link

    online casinos for real money
    online games casino roulette
    play roulette live
    online casino roulette live
    best casino on line

    Report
  • Logangog
    Logangog Friday, 11 August 2017 14:26 Comment Link

    cheap cialis uk generic
    cheap generic cialis
    cheap cialis india
    cialis generic
    buy cialis canada no prescription

    Report
  • Careycleap
    Careycleap Thursday, 10 August 2017 13:27 Comment Link

    play real video slots online
    new york state video slots
    online casino that accepts green dot visa
    slot machine games ipad
    play craps online for real money

    Report
  • Davidber
    Davidber Saturday, 22 July 2017 18:06 Comment Link

    buy kamagra uk
    kamagra oral jelly
    buy kamagra leeds
    kamagra online
    buy kamagra china

    Report
  • JosephSmusa
    JosephSmusa Saturday, 22 July 2017 12:08 Comment Link

    cialis sale london
    online cialis
    cialis buy in uk
    cheap cialis
    cialis super active 20mg pills

    Report
  • viagra 25mg
    viagra 25mg Tuesday, 18 July 2017 21:50 Comment Link

    valor do generico do viagra
    buying viagra chemist
    getting emails myself viagra
    where can i buy viagra
    generic viagra sold usa

    Report
  • cialis sale au Slups
    cialis sale au Slups Sunday, 09 July 2017 17:28 Comment Link

    buy cialis for daily use
    buy cialis online
    cheap cialis canada
    generic cialis
    blood pressure pills cialis

    Report
  • best online blackjack real money us Acaby
    best online blackjack real money us Acaby Sunday, 09 July 2017 10:30 Comment Link

    beste online casino seiten
    play roulette
    play slots for real money australia
    play roulette
    best online casino match bonus

    Report

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.

xxxlogo

At PTLM, everything we do is with integrity, commitment and innovation as to facilitate information dissemination so that you could make well-informed decision.

 

Subscribe With Us


Invalid Input

Most Popular

Recent News

Our Gallery