Eco World Development Group Bhd and Penang Development Corp (PDC) have agreed to rescind the letter of award (LoA) that covers a proposed RM10bil mixed project in Batu Kawan.
This is because studies revealed the planned 18-hole golf course in the 449.64-acre site will require more land than what was initially estimated, thus impacting the viability of the project, Eco World said in a filing with Bursa Malaysia.
The LoA for the project was dated March 26, 2015.
“The original Request for Proposal (RFP) based on which the LoA was issued contemplated the development of an 18-hole international golf course on 150 acres of land, leaving the remaining land available for mixed-development referred to as Eco Marina,” Eco World said.
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This is because studies revealed the planned 18-hole golf course in the 449.64-acre site will require more land than what was initially estimated, thus impacting the viability of the project, Eco World said in a filing with Bursa Malaysia.
The LoA for the project was dated March 26, 2015.
“The original Request for Proposal (RFP) based on which the LoA was issued contemplated the development of an 18-hole international golf course on 150 acres of land, leaving the remaining land available for mixed-development referred to as Eco Marina,” Eco World said.
For Free Signals and other KLSE online updates, click here OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my
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