Eco World gets nod for Penang’s Eco Marina project
Date：2015/04/20
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PETALING JAYA: Eco World Development Group Bhd has received a letter of award (LoA) from the Penang Development Corp for the proposed 470-acre Eco Marina development in Batu Kawan.
In a filing with the stock exchange, the property developer said it will develop and lease parcels of land for RM796.3 million.
Under the LoA, Eco World will acquire about 299.64 acres of 99-year leasehold land for the development of residential and commercial properties at RM730.93 million.
Besides that, it will lease about 150 acres of land for 30 years for RM65.34 million, with an option for renewal for a further 30 years. The land will be used for the development of an international standard golf course and a club house.
Eco World said the valuation of the land is being carried out by an independent valuer appointed by the group and the valuation of the land will be tabled to the board for deliberation prior to the acceptance of the LoA.
"The board is presently reviewing the detailed terms of the LoA and further details of the proposed Eco Marina development will be announced after Eco World has accepted the LoA," it added.