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.
TOP PICKS BY EDGEPROP
Elmina Green Three @ City of Elmina
Sungai Buloh, Selangor
Saffron Hills @ Denai Alam
Denai Alam, Selangor
Bukit Beruntung Industrial Park
Rawang, Selangor
Jalan Klang Lama
Jalan Klang Lama (Old Klang Road), Kuala Lumpur
Rawang Integrated Industrial Parks
Rawang, Selangor
Taman Perindustrian Subang Jaya
Subang Jaya, Selangor
Pandamaran Industrial Estate
Port Klang, Selangor
Kampung Baru Sungai Buloh
Sungai Buloh, Selangor
Telok Panglima Garang Industrial Zone
Telok Panglima Garang, Selangor