Eco World Development Group Berhad announced that following its participation in a request for proposal process initiated by Boustead Properties Berhad, it had inked several agreements to develop 10 parcels of freehold land measuring 847.249 acres in aggregate.

These include the entry by its 81%- owned subsidiary, Mutiara Balau Sdn Bhd, into 2 conditional sale and purchase
agreements to acquire the New Land, for a total cash consideration of RM742.4million. The remaining 19% in MBSB is owned by BProp.

The group said the New Land, located in Mukim Beranang and Mukim Semenyih in Ulu Langat, Selangor, is next to Eco Forest and near Eco Majestic. Well positioned within a designated development area, the site's over 35-year-old palm trees are no longer suitable for productive use.

This acquisition EcoWorld Malaysia said is to replenish its residential landbank in the Semenyih corridor, extending the development life of its existing townships. The New Land is planned to be developed into a mixed residential and commercial development with a preliminary estimated gross development value of RM4.60 billion. To be known as Eco Forest 2, the proposed development will primarily comprise landed homes targeting the mass market segment