KUALA LUMPUR (Oct 17): Eco World Development Group Bhd (KL:ECOWLD) signed a deal on Friday to acquire 22.73 acres of freehold commercial land in Semenyih for RM82.19 million in cash to expand its upcoming Eco Radiance township.

The land is being purchased by its 81%-owned subsidiary, Mutiara Balau Sdn Bhd, from Boustead Balau Sdn Bhd, according to Eco World's bourse filing.

Boustead Properties Bhd holds the remaining 19% stake in Mutiara Balau, while Bousted Balau is a wholly-owned unit of Boustead Properties.

EcoWorld said the acquisition will be funded via a combination of internal funds and bank borrowings.

The group had in January completed the acquisition of 847.25 acres of land in the Semenyih corridor, which it plans to develop into Eco Radiance, a mixed residential and commercial development, and also the group’s third township in the area.

Eco World said the new 22.73-acre parcel, located adjacent to Eco Radiance and fronting Jalan Broga, will enable the group to launch, among others, shop offices and serviced apartments as early as the first quarter of 2026.

The group estimates a preliminary gross development value (GDV) of RM560 million for the new land, bringing the total combined GDV of the Eco Radiance development to RM5.16 billion.

As at end-June 2025, EcoWorld had RM682.79 million in cash and bank balances, against RM738.72 million in short-term borrowings and RM3.63 billion in long-term borrowings.

EcoWorld’s shares closed three sen or 1.39% lower at RM2.13 on Friday, valuing the group at RM6.82 billion.