EcoWorld’s industrial developments such as the Eco Business Park II in Senai (above) are well placed to ride on the growth of Iskandar Puteri.
PETALING JAYA: Eco World Development Group Bhd (EcoWorld) has entered into a conditional sale and purchase agreement with IOI Prima Property Sdn Bhd to acquire 403.78 acres of land located in Kulai, Johor for a purchase consideration of RM211.07 million in cash.
The land is strategically located and accessible through the North-South Highway, Second-Link Expressway, Senai-Desaru Highway and Pasir Gudang Highway. It is situated 5km from the Kulai Toll and has good connectivity to Senai International Airport and various seaports. It is also surrounded by mature townships that are well-served by various amenities.
The group plans to develop the land into a business park to be known as Eco Business Park VI (EBP VI) with an estimated gross development value of RM1.58bil, catering to medium and light industrial businesses.
“This is a very opportune acquisition which enables the group to ramp up our industrial portfolio in Iskandar Malaysia. Sales at our Eco Business Parks have seen exponential growth with a three-year CAGR of 51% recorded from FY2020 – FY2022. The upward trajectory has continued this year with RM838 million achieved in just 7 months of FY2023 from our four Eco Business Parks alone. This represents 111% of FY2022 full-year sales of RM753 million from our industrial projects, which was a record high at that time,” said EcoWorld president and chief executive officer Datuk Chang Khim Wah, adding the company’s development ethos is aligned with the recently launched New Industrial Masterplan 2030 (NIMP 2030).
“The NIMP 2030’s focus on nurturing industries with higher economic complexity, aggressively embracing technology, prioritising sustainability and inclusivity resonates with our development ethos. Our Eco Business Parks have all been designed with multiple intelligent green features, a wide array of business solutions, innovative flexi-space and customisable concepts as well as synergistic smart facilities sharing with the aim of making them sustainable integrated industrial hubs of the future. These have enabled us to attract a large number of technologically advanced, innovative businesses, who share our commitment to sustainable development, to establish their manufacturing facilities at our projects,” said Chang.
With extensive infrastructure development in the pipeline for Iskandar Malaysia, such as the ongoing construction of the Johor Bahru-Singapore Rapid Transit System (RTS Link) with a capacity to carry 10,000 passengers per hour in each direction and a commute time of only 6 minutes between the Bukit Chagar Station in Malaysia and Woodlands North Station in Singapore, Chang said that EcoWorld is well-placed to benefit from the growth as it has numerous township projects there, namely Eco Botanic, Eco Botanic 2, Eco Spring and Eco Summer as well as Eco Tropics.
“Our total industrial landbank following the latest acquisition has increased to 2,416 acres of which 1,647 acres is situated in Iskandar Malaysia. Over the years, we have worked hard to cultivate strategic alliances with business, trade and governmental bodies that have strengthened and expanded our network of local, international and multi-national industrialists. These efforts along with our responsiveness in expanding and adapting our product range to meet the changing demands of businesses that we serve have contributed to the strong sales achieved. With the acquisition of the new land, we will be able to further grow our market share and cater to a wider range of industrial customers. Accordingly, we are confident that this acquisition augurs well for the Group’s future growth and earnings prospects,” Chang said.
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