PENANG: Eco World Development Group Bhd (EcoWorld) is expected to launch its first project in Penang, Eco Terraces condominium, in mid-June.
“Apart from being the first project for the group in the northern region, we believe Eco Terraces will also set new standards in high-rise living here,” EcoWorld president and chief executive officer Datuk Chang Khim Wah said in a statement.
Eco Terraces will be located in Jalan Paya Terubong. The project should be about a 25-minute drive from George Town, and approximately a 15-minute drive from the Penang Bridge and Queensbay Mall. Eco Terraces is scheduled for completion by the second quarter of 2019.
“For Eco Terraces, we have already started improving the infrastructure by upgrading part of Jalan Paya Terubong leading into the development,” said Chang.
The 12.79-acre (5.18ha) freehold project offers 333 units in a 33-storey block. The units have a built-up area ranging from 1,095 sq ft to 2,008 sq ft. They come in layouts of three-bedroom and two-bathroom units, as well as four-bedroom and three-bathroom units. Indicative price is RM846 psf. Maintenance fee is estimated at 36 sen psf.
The gated condominium offers facilities such as a multipurpose hall, karaoke room, golf simulation room, indoor badminton or tennis courts, barbeque area, swimming and wading pool, gym, aqua gym, jogging and cycling tracks.
Chang added that the developer’s show gallery — EcoWorld Gallery @ Macalister in Jalan Anson — has a 3D walk-through experience of Eco Terraces to help visitors to understand what the condominium has to offer. The 3D walk-through will run for a month from last Friday.
Eco World said it had accumulated 5,245 acres of land bank, with RM65 billion worth of gross development value (GDV) remaining.
Through the group’s associates, there are developments lined up for launch this year in Leamouth Peninsula, London (London City Island, GDV: £617 million [RM3.46 billion]), and Parramatta, Sydney (Weat Village, GDV: A$285 million [RM804.64 million]). The former will be launched in Malaysia this weekend, while the latter will be launched in the second quarter of this year.
This article first appeared in The Edge Financial Daily, on May 28, 2015.