Eco World Development Group Bhd and Penang Development Corp agrees to rescind LOA

Eco World Development Group Bhd and Penang Development Corp agrees to rescind LOA

KUALA LUMPUR, June 8— Property developer, Eco World Development Group Bhd (EW Bhd), has agreed with the Penang Development Corp (PDC) to rescind the Letter of Award (LOA) dated March 26, 2015 in relation to the proposal for purchase and development of 181.96 hectares in Bandar Cassia, Batu Kawan.

In a statement today, EW Bhd said, the original request for proposal, based on which the LOA was issued contemplated the development of an 18-hole international golf course on 60.70 ha, leaving the remaining land available for mixed development referred to as Eco Marina.

It, however, said extensive studies undertaken as part of the detailed planning process had revealed that the acreage required for the golf course development will be significantly higher than originally contemplated which adversely impacted the viability of the project.

— BERNAMA

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