ECO WORLD Development Group Bhd (EcoWorld Malaysia) plans to acquire 403.78 acres of land in Kulai, Johor, for a cash sum of RM211.065 million.
The acquisition is part of a conditional sale and purchase agreement with IOI Prima Property Sdn Bhd.
EcoWorld Malaysia intends to develop the newly acquired land into a business park named Eco Business Park VI (EBP VI), with an estimated gross development value (GDV) of RM1.58 billion.
The development will cater primarily to medium and light industrial businesses.
EcoWorld Malaysia s president and CEO Datuk Chang Khim Wah (picture) said the acquisition will significantly enhance the company’s industrial portfolio in Iskandar Malaysia.
He noted that the growth in sales at their Eco Business Parks, with a three year compound annual growth rate (CAGR) of 51% from FY2020 to FY2022.
Furthermore, Chang mentioned that sales had continued to rise in FY2023, with RM838 million achieved in just seven months, representing 111% of the previous fiscal year’s full-year sales.
The strong performance was driven by both local businesses adapting to market changes during the pandemic and increased interest from foreign industrialists following the reopening of Malaysia’s borders in April 2022.
EcoWorld Malaysia’s total industrial landbank now stands at 2,416 acres, with 1,647 acres located in Iskandar Malaysia.
Chang expressed confidence in the acquisition’s positive impact on the company’s future growth and earnings prospects, allowing them to serve a wider range of industrial customers and expand their market share. – TMR / pic MUHD AMIN NAHARUL