Eco World Development Group Bhd (EcoWorld) has entered into a joint venture (JV) with Cascara Sdn Bhd to develop Eco Ardence, a freehold 533.92-acre luxury township with an estimated gross development value (GDV) of RM8.5 billion, next to Setia Alam. Eco Grandeur Sdn Bhd (subsidiary of EcoWorld), had on 9 June 2016, entered into a conditional share sale and purchase agreement to acquire half of the shares in Cascara’s unit Jendela Hikmat Sdn Bhd for RM303.5 million. The joint venture project land, was valued at RM1.29 bil or RM55.57 psf in this transaction. source
Earlier in Dec 2015, Boustead Holdings Berhad and Lembaga Tabung Angkatan Tentera (LTAT) announced to sell 60% of their shares in Jendela Hikmat Sdn Bhd to Cascara Sdn Bhd for RM360 mil. The same land (PT8, PT9 & PT20090) was valued at RM697.72 mil (RM30 psf) by the appointed Valuer, Abu Hassan & Co Sdn Bhd on 15 Dec 2015. source
Title no: HSD22218, HSD22219 & HSD244038
Lot no: PT8, PT9 & PT20090, Mukim Bukit Raja, District of Petaling, Selangor Darul Ehsan
Land area: 533.92-acre (PT8 – 174.36 acre; PT9 – 291.06 acre; PT20090 – 68.5 acre)
Category of land use:
PT8 & PT9 – Building;
PT20090 – Nil
Zoning: Mixed commercial and residential development approved by Majlis Perbandaran Shah Alam on 11 Sep 2014
Transacted price: RM1,292,550,000 (RM55.57 psf)
Date of transaction: 9 June 2016
Vendor: Cascara Sdn Bhd
Purchaser: Eco Grandeur Sdn Bhd (via acquisition of 50% shares in Jendela Hikmat Sdn Bhd, a subsidiary of Cascara Sdn Bhd)
1. Land valued by Henry Butcher Sdn Bhd on 8 June 2016 for RM1.296 bil (RM55.70 psf). Valuer appointed by Eco World Berhad.
2. Land valued by Abu Hassan & Co Sdn Bhd on 15 Dec 2015 for RM697.72 mil (RM30 psf). Valuer appointed by Boustead Holdings Berhad.
3. The proposed development, called Eco Ardence, has an estimated GDV of RM8.58 bil to be developed over a 15-year development period.