SHAH ALAM: Eco World Development Group Bhd (EcoWorld) has partnered the Employees Provident Fund Board (EPF) to jointly develop two townships in Batu Kawan, Penang, the third joint venture between the two entities since 2015.

“The combined gross development value of both townships is approximately RM7.76 billion,” EcoWorld said in a statement released today.

The company said it has inked a conditional subscription and shareholders’ agreement (SSA) with EPF to jointly develop 375 acres (151.7ha) of land via Eco Horizon Sdn Bhd (EHSB), which is currently wholly-owned by EcoWorld.

EPF will subscribe for four million ordinary shares or a 40% stake in EHSB, while EcoWorld will retain 60% of the joint venture company, the group said.

“The land will be developed by EHSB into two complementary townships, known as Eco Horizon and Eco Sun,” Eco World said.

Eco Horizon will take up 300 acres and the site is located just off the primary interchange between the Second Penang bridge and the North-South Highway, while Eco Sun will be on 75 acres along Lebuhraya Bandar Cassia, near the Penang State Stadium.

Meanwhile, Eco World Project Management, another EcoWorld wholly-owned unit, will be appointed the development manager for the projects.

EHSB will enter into a brand licence agreement with Eco World Project Management to enable both developments to be marketed as Signature EcoWorld developments.

“We are truly gratified for EPF’s support as we take on the challenge of transforming the development landscape of the Penang Mainland together,” said EcoWorld chairman Tan Sri Liew Kee Sin.

EcoWorld and EPF have so far collaborated on two development projects, namely the Bukit Bintang City Centre in the heart of Kuala Lumpur, and Eco Grandeur + Eco Business Park V in Ijok, both in the Klang Valley.  

Shares in Eco World traded unchanged at RM1.35 as at 3.51pm. The group has a market capitalisation of RM3.78 billion.