EcoWorld said in a statement today that the land will be developed by Eco Horizon Sdn Bhd (EHSB), formerly a wholly-owned subsidiary of EcoWorld, into two complementary townships — Eco Horizon and Eco Sun.
The 300-acre Eco Horizon is situated just off the primary interchange linking the Second Penang Bridge to the North-South Highway opposite the upcoming IKEA store.
Eco Sun, which measures about, 75 acres is located along Lebuhraya Bandar Cassia close to the Penang State Stadium.
The combined gross development value (GDV) of the two projects is about RM7.76 billion.
EPF will subscribe 40% of equity interest in EHSB and provide shareholders’ advances to the joint-venture company to fund the developments. The remaining shares will be owned by EcoWorld.
EcoWorld chairman Tan Sri Liew Kee Sin explained that this is the company’s third venture with EPF after the iconic Bukit Bintang City Centre in Kuala Lumpur; and Eco Grandeur and Eco Business Park V in Ijok, Selangor.
“EPF’s co-investment in EHSB also represents another successful venture under its partnership for growth model with landowners and institutional partners to accelerate the expansion of its development presence in Malaysia,” he said.
EcoWorld president and CEO Datuk Chang Khim Wah added that the JV company will also enter into a brand license agreement with Eco World Project Management Sdn Bhd to enable both Eco Horizon and Eco Sun to be marketed as Signature EcoWorld developments.
“The land size and location present a unique competitive advantage — at approximately 375 acres in total, it will allow the Group to offer our Signature EcoWorld gated-and-guarded strata townships as well as integrated commercial components, which to date has yet to be seen so close to the island,” he said.
Eco Horizon and Eco Sun are accessible from the Batu Kawan Interchange of the North-South Highway via an expressway linking to the Second Penang Bridge and thence onto Lebuhraya Bandar Cassia.
Alternatively, it is accessible from the Bukit Tambun Interchange of the North-South Highway via Jalan Bukit Tambun, Jalan Batu Kawan and thence onto Lebuhraya Bandar Cassia, all being well-maintained metalled roads.
The lands are located in a fast-rising neighbourhood with prominent landmarks in the immediate vicinity such as the Batu Kawan Stadium, Batu Kawan Industrial Park and several educational institutions.