KUALA LUMPUR (Sept 18): Eco World Development Group Bhd (KL:ECOWLD) has won the bid to develop a prime residential site in Singapore for S$208.1 million (RM667.6 million).
Its wholly-owned unit Eco World Development (S) Pte Ltd (EWPL) won the tender for the 4,283 sq m site at Lorong Puntong/Sin Ming Avenue, according to the group's statement on Friday. The tender was called by Singapore’s Urban Redevelopment Authority.
The site — which comes with a 99-year lease — is designated for residential development comprising condominiums or flats, with a maximum permissible gross floor area of 11,994 sq m.
EcoWorld president and chief executive officer Datuk Seri Chang Khim Wah said the group plans to launch the project in 2028 under its new Versione series, a development concept offering curated lifestyle apartments and experiences tailored to the needs and aspirations of specific customer groups.
“We are delighted to be able to make our debut as a property developer in Singapore at such a prime residential location. The site enjoys excellent connectivity via major roads and expressways and the Bright Hill MRT station, which will become an interchange station by 2030, is just a three-minute walk away,” he said.
Chang said EcoWorld, which has had a presence in Singapore since 2015, expects its maiden residential project there to be well received.
“We have quite a few Singaporeans living at our various townships such as Eco Botanic and Eco Spring and a sizeable number of industrialists who have set up thriving businesses at our Eco Business Parks in Iskandar Malaysia.
“Singaporean patronage of the vibrant food and beverage retail scene at our Eco Hubs has also increased markedly and is set to rise even further as cross-border ties and ease of commute between Johor and Singapore continue to improve,” he added.
According to the list of bids published by the Urban Redevelopment Authority, EWPL submitted the highest of seven bids received for the site. The second-highest bid was submitted jointly by Intrepid Investments Pte Ltd and TID Residential Pte Ltd, followed by SMCL Oasis Pte Ltd, EL Development Pte Ltd and JBE Capital Pte Ltd.
Shares of EcoWorld closed two sen or 1.03% higher at RM1.96 on Friday, giving the group a market capitalisation of RM6.34 billion.