Sunday, 19 April 2015
Eco World Lights Up Northern Batu Kawan
More than one year ago, it was reported that Eco World was the sole runner to acquire a site in the northern part of Batu Kawan for development of golf course.
Now the deal has been confirmed. Eco World will lease about 150 acres of land from Penang government to develop a minimum 18-hole international standard golf course and clubhouse for RM65.34mil. The lease is for 30 years with an option to renew for another 30 years,
Meanwhile, EcoWorld also acquires 299.64 acres of leasehold land in the same area for RM730.93mil for its own property development known as Eco Marina.
Eco Marina has a potential GDV of RM10bil with 60% residential & 40% commercial development.
The location of land is on the northern tip of Batu Kawan, which has hilly terrain and can be developed into "luxury, green, eco-friendly hilltop living".
What's more, the land which is next to Pulau Aman jetty, is also "sea-fronting" or more accurately, Jawi River mouth-fronting and it will be good if Eco World can clean the river and transform it into a clean "Marina".
Batu Musang jetty at Batu Kawan to Pulau Aman
Previously, major and exciting development of Batu Kawan are all concentrated in the southern part of Batu Kawan. These include Batu Kawan Industrial Park, IKEA, KDU, Hull University, Logistic Hub, Premium outlet etc.
The middle part of Batu Kawan is planned for PDC's affordable apartments and perhaps luxury landed houses on the other side.
Northern part of Batu Kawan is the earliest to be developed since the state stadium was ready for SUKMA in year 2000.
That was 15 years ago and most of the early development are low-medium cost landed houses.
A more exciting story in northern Batu Kawan is about GOB's Crescentia Park. Currently this area is occupied with landed low-medium cost units and may be this is the reason GOB is slow to launch its projects here.
With the entry confirmation of such a glamorous developer like Eco World, development of Batu Kawan will be more "balanced" geographically and the overall chance of success will be lifted.
So, even though Eco World will bring in competition, I think GOB should be very happy to have Eco Marina opposite its Crescentia Park.