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KUALA LUMPUR (Sept 25): Eco World Development Group Bhd's (EcoWorld) proposed RM15 billion township development in Kuala Selangor has hit a snag after the Selangor state government said it is in the midst of acquiring some of the same tracts, reported The Edge Financial Daily today.
EcoWorld announced on Tuesday that its wholly owned subsidiary, Paragon Pinnacle Sdn Bhd was acquiring 26 pieces of leasehold land from different vendors, which measures a total of 2,198.4 acres (889.66ha) for RM1.18 billion cash.
In a statement on Wednesday, Menteri Besar Incorporated Selangor (MBI) said the particular tracts are now involved in ongoing legal proceedings in court. These lands are located in the planned township of Alam Mutiara.
MBI chief operating officer, Soffan Affendi Aminudin told The Edge Financial Daily that some of the lands being acquired by the state government involved the same 14 pieces of land that EcoWorld is acquiring.
These tracts translate into a total size of 1,313.81 acres, which is 60% of the total land size that EcoWorld is acquiring.
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