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PETALING JAYA (March 16): Eco World Development Group Bhd (EcoWorld) has partnered JLand Group, the real estate arm of Johor Corp, to jointly develop three projects in Johor and Sydney, Australia, spanning residential, mixed-use and industrial segments.
The collaboration was formalised through three subscription and shareholders’ agreements between the two parties on a 50:50 joint venture basis, according to a joint statement released on Friday.
The partnership covers:
*A residential apartment development in Macquarie Park, Sydney
*A mixed-use project in Larkin, Johor Bahru
*An industrial park within Ibrahim Technopolis (IBTEC) South in Kulai, Johor
The developments represent a diversified portfolio across different geographies and sectors, combining JLand’s access to strategic growth corridors with EcoWorld’s development expertise.
Mixed-use development in Larkin
The Johor Bahru project will involve a mixed-use development on approximately 8.44 acres of freehold commercial land in Larkin.
Fronting Jalan Tun Abdul Razak and located about 3km from Johor Bahru city centre, the development will comprise serviced apartments with retail and hotel components.
The project carries an estimated GDV of RM1.021 billion and is expected to be launched in the fourth quarter of 2026.
The site benefits from strong visibility and connectivity to key commercial and transportation nodes within the Johor Bahru city area.
Industrial park planned in Kulai
The second Johor project will involve the development of an industrial park within IBTEC South in Kulai, covering approximately 316 acres.
The project is expected to have an estimated GDV of RM1.007 billion, with infrastructure works scheduled to commence in the second quarter of 2026 and the project launch targeted for the first quarter of 2028.
According to the joint statement, the industrial park will be developed under the Eco Business Parks concept, supporting medium and light industrial, commercial and logistics businesses.
The development is expected to include industrial land lots, ready-built factories and supporting infrastructure, forming an integrated ecosystem aimed at attracting sectors such as electrical and electronics, medical devices, biotechnology, SMEs and logistics operators.
Residential project in Sydney
The Australian component of the partnership involves a residential apartment development on 2,751 sq m of land in Macquarie Park, Sydney.
The project includes the acquisition of Eco World (Macquarie) Pty Ltd, the entity holding the site at 1–3 Lachlan Avenue, for A$32 million (RM88.23 million) from Fortune Quest Group Ltd.
Fortune Quest is a wholly owned subsidiary of EWI Capital Bhd, formerly known as Eco World International Bhd.
The site has development approval for a 16-storey residential building comprising 123 units, with an estimated GDV of A$153 million. The project is expected to be launched in the fourth quarter of 2026.
Located within Macquarie Park, one of Sydney’s major innovation and technology precincts, the site is near Macquarie University, Macquarie Shopping Centre and the Macquarie Park Innovation District.
Partnership aimed at long-term growth
JLand Group group managing director Akmal Ahmad said the collaboration reflects a strong strategic fit between the two organisations.
According to him, the partnership allows JLand to unlock value from strategic land through collaborations that combine complementary capabilities and development expertise.
EcoWorld president and chief executive officer Chang Khim Wah said the group sees the collaboration as an opportunity to expand internationally while strengthening its presence in Johor.
He added that the Sydney project marks EcoWorld’s first direct overseas venture, while the Johor developments will support continued socio-economic growth within Iskandar Malaysia.
Market outlook
The partners noted that the Australian property market is showing signs of recovery, supported by improving housing demand and employment growth in key sectors within the Macquarie Park innovation district.
In Malaysia, economic growth and strong performance in the electrical and electronics (E&E) sector, alongside investment initiatives under national development plans and Visit Malaysia Year 2026, are expected to support continued growth in the property and industrial sectors.
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