JOHOR BARU: Eco World Development Bhd (formerly Focal Aims Holdings Bhd) will unveil its new development masterplan for the Kota Masai township in Pasir Gudang within the next three to six months.
President and chief executive officer Datuk Chang Khim Wah told StarBiz the masterplan would cover 401.04ha of remaining undeveloped land of the 1,005.23ha township that would keep the company busy for the next six to eight years.
“We want to reposition Kota Masai as the most-sought-after township in the Eastern Gate Development Corridor of Iskandar Malaysia,’’ Chang said after the company’s AGM.
He said that previously, the Pasir Gudang-Masai area was not in the radar of most property buyers in south Johor but things had changed since the launch of Iskandar Malaysia on Nov 4, 2006.
Chang said improvement in connectivity and accessibility to Pasir Gudang-Masai from Johor Baru city centre via the new Pasir Gudang Coastal Highway had made the area popular.
“The remaining 401.04ha land is sufficiently sizeable to enable a complete revamp of the township’s masterplan to enhance the overall gross development value and earnings of the group,’’ said Chang.He said the presence of at least three public-listed property developers with township projects in the area was testimony that the Eastern Gate would be the next growth centre in Iskandar Malaysia.
He said in the offing would be well-designed landed homes in gated and guarded precincts featuring eco-living elements with landscaping and boulevard leading to the township.
Chang said the township would also benefit from increased economic activities from the oil and gas and other industrial projects which were being undertaken in south-east Johor.
“Going forward, the company will continue to look for new land banks and property developments from third parties or its major shareholders or persons connected to them.”
The company presently has two development projects – Kota Masai in Iskandar Malaysia and Saujana Glenmarie (previously known as Saujana O-Lot) in the Klang Valley.
For the financial year ended Sept 30, 2013, Eco World registered RM24.26mil in net profit on RM156.32mil revenue against RM7.20mil net profit and RM65.28mil revenue previously.