The company set up by ex-SP Setia stalwarts, EcoWorld has been hogging the limelight for most of the week with its slew of new launches and project announcements. Its maiden project, the EcoSky on Jalan Ipoh seems to be a runaway success with two out of its three towers (Aurora and Basalta) being completely taken up in three months since its launch end of 2013. Its third (and final) residential tower, dubbed the Clarita, is scheduled to be launched end March.
Spanning nearly ten acres and scheduled to be completed in 2018, EcoSky is an integrated development which also includes retail outlets as well as offices. The project is valued at RM1 billion, and is built on freehold land. The residential towers boast of “three levels of facilities” – The Peak on the rooftop, The Pavilion (on 20+ floors) which includes a garden lounge and The Club (on the 7th floor) where the swimming pools are.’ Once completed, EcoSky will house some 5,000 residents. True to its moniker, EcoSky is reportedly pursuing green certification.
Prices for Clarita are yet to be announced, but the previous two towers were priced at around the RM650 PSF price point (with units ranging from 800 – 1,900 sq ft in size, and priced from RM650,000 to RM1.5 million per pop). It is perhaps reasonable to estimate the launch price to be RM750+ PSF. There are some concerns about this price point as the adjacent area properties are in the sub sale market for RM400+ PSF, which is a far cry from EcoSky. But looking at the response rates it does look like EcoWorld is banking hard on its “SP Setia hallow effect” and promise of quality you’d expect from a branded developer.
Due to its similarity with Bangsar South (integrated development, proximity to LRT stations, surroundings), comparisons between the two seem to be inevitable; the current prices in the former are around the RM800 PSF point. Also, Bangsar South perhaps occupies a better location given its location between the city and Petaling Jaya.
Kota Masai Launches
The development masterplan for Kota Masai in Pasir Gudang is set to be unveiled in the next couple of months. A new township in the Eastern Gate Development Corridor of the Iskandar region, the township occupies more than 400 hectares of land. There will be gated communities with eco-friendly landscaping and vast open spaces which are fast becoming EcoWorld’s trademarks.
EcoWorld is focused on the Klang Valley, the Iskandar region in Johor and up north in Penang, with the current land bank size at some 3,000 acres. Its flagship Iskandar project, the EcoBotanic has a gross development value (GDV) of some RM3 billion. The pipeline looks interesting with back-to-back launches of townships, integrated developments as well as commercial projects.