Developer is planning project with GDV of RM435mil

KUALA LUMPUR: Eco World International Bhd (EWI) has secured access to a prime development land in Sydney with plans to develop an A$139mil (RM435.35mil) gross development value (GDV) project there.

The project site is situated at 1-3 Lachlan Avenue, Macquarie Park, Sydney adjacent to Macquarie University in the Macquarie University Precinct, home to one of Australia’s top 10 universities and top 2% universities in the world that attract thousands of international students annually.

EWI plans to develop 125 units of residential apartments with a small component of retail. The total estimated GDV of the project is A$139mil and it is targeted to be launched in the first half of 2019 and completed over three to four years from the date of launch

“This was followed by our recent entry into the heads of agreement with Willmott Dixon to potentially acquire 12 projects in the UK. The announcement today is, therefore, in line with our overall strategy to localise our brand wherever we operate,” EWI president and CEO Datuk Teow Leong Seng said in a statement.

EWI said currently there was an existing building located on the project site with 30 en-bloc apartment units. Under the Strata Schemes Development Act 2015 (Australia), 75% of unit owners in a strata scheme can agree to end their strata scheme, so the site can be redeveloped or sold.

EWI has entered into a call and put option agreement with owners of 25 of the apartment units to acquire these units by way of a collective sale.

This represents about 84.2% of the strata scheme which enables EWI to proceed with the acquisition of all the apartment units through a strata renewal process under the Act.

The estimated purchase price to acquire the entire site is about AU$40mil and the proposed acquisition is expected to be completed by November 2018.