EcoWorld Malaysia's Unit Disposes Of 56.06ha Of Land In Iskandar Malaysia For RM693.96 Mln

KUALA LUMPUR, Feb 17 (Bernama) -- EcoWorld Malaysia’s unit, Eco Business Park 1 Sdn Bhd, has disposed of 56.06 hectares (ha) of freehold land in Eco Business Park I in Iskandar Malaysia, Johor, to Microsoft Payments (Malaysia) Sdn Bhd for RM693.96 million.

In a filing with Bursa Malaysia today, the property player said the land consists of 117 parcels of freehold vacant land and road reserves.

“Of the RM693.9 million expected to be received from the land sale, part of it will be used to complete the remaining main infrastructure development on the land and to defray associated expenses for the land, which are expected to be incurred within 24 months from the date of the sale and purchase agreement (SPA).

“The balance will be used as working capital of EcoWorld Malaysia group of companies,” it said.

Previously, EcoWorld Malaysia secured two strategic land sales at its QUANTUM Edge business park to data centre operators in the financial year 2024, generating total proceeds of RM626 million.

Including the proposed land sale, the company said the total sales to data centre players in less than a year have exceeded RM1.3 billion, further boosting the group’s cash reserves, which stood at RM1.36 billion as of Oct 31, 2024. 

“Accordingly, EcoWorld Malaysia is in a good position to not only expand its landbank but to also pursue strategic opportunities to grow its portfolio of recurring income assets in the commercial and or industrial sector,” it said.

-- BERNAMA