Just a while back, Eco World abandoned their Eco Marina project in Batu Kawan due to some miscalculations. Read here: Eco Marina Penang no more, for now In fact they were supposed to get back Rm159million refund for the deposit paid. I think Penangites were disappointed, especially those who bought Batu Kawan because of the Eco World effect. They should be happy now. Eco World announced that it will be buying two parcels of land measuring 374.5 acres in Batu Kawan, Penang for RM875.24 million.
The lands are located strategically nearby the Second Penang Bridge and it will be developed into two townships known as Eco Horizon and Eco Sun. The combined gross development value (GDV) is RM7.76 billion. This implies a land cost vs GDV of around 12.7 percent which is deemed positive. Eco World’s chairman Chairman Tan Sri Liew Kee Sin said that Penang is one of the three main economic corridors they were concentrating on besides Klang Valley, and Iskandar Malaysia. For Penang, the group will focus in Batu Kawan.
He said that this will complement the successful Eco Meadows township on the mainland which has achieved near-sold out sales of its first phase of terrace homes since its first launch in September. Batu Kawan’s other huge development would be Vision City and the first significant landmark opening this coming year end would be Design Village Penang. Perhaps Batu Kawan is now worth considering very seriously since the Penang Bridge 2 is right beside it? Do share your thoughts yeah. I have no properties in mainland at this moment. Happy following.
written on 28 June 2016
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