By THE STAR
JOHOR BARU: The Eastern Gate Development Zone, one of the five flagship areas in Iskandar Malaysia in Johor, has been touted as the next property hotspot in the state.
“To us, the zone is like a diamond in the rough waiting to be cut and polished for the shine and sparkle to emerge,” Eco World Development Group Bhd president and chief executive officer Datuk Chang Khim Wah told StarBiz.
With a growing population of between 500,000 and 600,000 residents in the area, the zone offers good growth potential for the company.
On that note, he is upbeat that the company’s newly launched project Eco Tropics and Eco Business Park III in Masai will attract interest not only from residents in the area, but also those outside the zone.
The Eastern Gate Development Zone covers areas in Pasir Gudang, Plentong, Masai, Seri Alam and Tanjung Langsat.
The other four flagship zones within the 2,217-sq-km economic region are the JB City Centre, Nusajaya, the Western Gate Development Zone and Senai-Kulai.
The areas are now accessible via the New Pasir Gudang Coastal Highway, the Senai-Desaru Highway and the Pasir Gudang Highway, which is being upgraded to a six-lane highway from a four-lane stretch.
Chang said Eco World made the right decision by acquiring the public-listed developer about three years ago that started the township project in the 1990s.
The township project is located on a 1,117.14ha site in Masai, of which 607.02ha have already been developed by the former developer.
“While the former developer was targeting those from the low and the low-medium groups, we are looking at buyers from the middle-income group and above,” he said.
Eco Tropics sits on a 303.5ha site with a gross development value (GDV) of RM3.4bil, while Eco Business Park III is on a 101ha area with a GDV of RM2bil.
In the offing under phase one of Eco Tropics are 600 units of 20ft-by-70ft double-storey link houses with a floor area of 1,700 sq ft, priced from RM500,000 each.
He said its business park would be the first green and clean business park in the Eastern Gate Development Zone made up of cluster and semi-detached factories.
The price for the 60ft-by-130ft cluster factory with a built-up area of 4,000 sq ft starts from RM1.8mil each, while the 70ft-by-170ft semi-detached factory with 6,000 sq ft starts from RM2.3mil.
“We are looking at first-time buyers as well as upgraders from Pasir Gudang, Masai, Plentong Seri Alam for our residential properties,” said Chang.
He said it had done a major transformation for the new township area by improving the roads leading to Eco Tropics and Eco Business Park III, including spending RM20mil for landscaping.
Chang said the Hampton-inspired architecture of the double-storey link houses and the 12.14ha central park were something new to most residents in the area, adding value to the products offered by the company.
– Malaysia Property News