EWI to develop residential apartments in Sydney with GDV of A$139 million

KUALA LUMPUR: Eco World International Bhd (EWI), an overseas arm of property developer, Eco World Development Group, plans to develop 125 units of residential apartments in Sydney, Australia, with an estimated gross development value (GDV) of A$139 million (A$1 = RM3.18).

In a statement yesterday, EWI said it entered into a call and put option agreement with owners of the 25 apartment units to acquire them by way of a collective sale.

“This represents approximately 84.2 per cent of the strata scheme which enables EWI to proceed with the acquisition of all the apartment units through a strata renewal process.

“The project site is situated at 1-3 Lachlan Avenue, Macquarie Park, Sydney adjacent to Macquarie University in the Macquarie University Precinct,” it said.

It said the proposed acquisition was expected to be completed by November 2018.

EWI President/Chief Executive Officer, Datuk Teow Leong Seng, said the announcement today was in line with the company’s overall strategy to localise the brand wherever it operated.

“We are delighted to be able to add the Macquarie Park site, which is situated in a fast-growing location and extremely popular with Sydney-siders, to our growing project portfolio in Australia,” he said.

The company said the residential apartments project was targeted to be launched in the first half of 2019 and completed within three to four years. — Bernama