KUALA LUMPUR: Eco World Development Group Bhd
(EW Bhd) and Penang Development Corp (PDC) have agreed to rescind the letter of award (LOA) for the proposed RM10bil Eco Marina mixed development project in Batu Kawan, which includes a golf course.
This is because studies during the detailed planning process revealed that the golf course -- originally planned to be built on 150 acres -- would require a larger acreage, thus adversely impacting the viability of the project, EW Bhd told Bursa Malaysia.
EW Bhd had accepted the LOA for the project in April last year.
Under the proposed Eco Marina development, EW Bhd or its subsidiary was to buy 299.64 acres of 99-year leasehold land in Bandar Cassia, Batu Kawan, for RM790.93mil to develop residential and commercial properties, and to lease 150 acres for a 30-year period (with option to renew for another 30 years) for RM65.34mil to develop a golf course with a minimum of 18 holes.
“An announcement will be released in due course upon EW Bhd and the PDC entering into a deed of rescission to give effect to the rescission,” it said.
StarBiz had earlier reported the proposed Eco Marina development comprising of mixed development and the golf course in Batu Kawan, Penang would be RM10bil.
The development period would be about 10 years, with the construction for the mixed development and the international standard golf course to start within six months and three months.
The property company wants Batu Kawan to become the third satellite town of Penang after Bayan Lepas and Seberang Jaya due to its strategic location and close proximity to the Second Penang Bridge which connects Bandar Cassia with Batu Muang on the Penang Island.
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