River Retreat Sdn. Bhd. (“RRSB”), an indirect subsidiary of Iskandar Investment Berhad, had on 18 January 2024, entered into a sale and purchase agreement (“SPA”) with Eco Botanic 3 Sdn. Bhd. (“EB3SB”), a subsidiary of Eco World Development Group Berhad (“EcoWorld”), for the sale and purchase of 240.314 acres of land located in Iskandar Puteri, Johor.
 
According to the announcement released by Ecoworld to Bursa Malaysia, the land is located next to the group’s Eco Botanic and Eco Botanic 2 townships in Iskandar Malaysia. The land is proposed to be developed into a mixed residential and commercial township development with a preliminary estimated gross development value of RM3.88 billion. The proposed development will be known as Eco Botanic 3 and is expected to comprise affordable products (both high-rise and landed) suitable for first time home buyers and the M40 target group.
 
The purchase price totalling RM450,127,347.12 is to be paid by EB3SB over a 5-year period in accordance with the schedule of payments under the SPA.
 
Completion of the SPA is conditional upon the fulfilment of certain conditions precedent to be satisfied within a 9-month period or such further period to be mutually agreed between the parties.
 
Skrine acted for RRSB in the transaction. The team comprised Lee Ai Hsian (Partner) and Javene Fan (Associate).
 
Media coverage of the transaction can be accessed at:
 
https://theedgemalaysia.com/node/697823
 
https://www.thestar.com.my/business/business-news/2024/01/18/ecoworld-malaysia-to-acquire-iskandar-malaysia-tract-for-rm45013mil
 
https://www.nst.com.my/business/corporate/2024/01/1002878/eco-world-jointly-develop-9721ha-land-iskandar-malaysia