Eco World Development Group Bhd plans to launch the first residential phase for its RM10bil Eco Marina project in Batu Kawan in nine to 12 months.

Group chief executive officer Datuk Chang Khim Wah (pic) said the residential component of Eco Marina comprised high-rise and landed properties in gated and guarded schemes.

“The residential properties will be priced similarly to those on the island.

“There will be mid-end and high-end properties planned for Eco Marina,” he said.

Chang was speaking after accepting the letter of award to develop a mixed-development project on a 129.4ha site in Batu Kawan from Penang Development Corp general manager Datuk Rosli Jaafar.

Also present were Penang Chief Minister Lim Guan Eng and Eco World chairman Tan Sri Liew Kee Sin.

Chang said the commercial components would eventually include a retail scheme, an international brand-name hotel, international schools and food and beverage outlets.

Chang said the golf course on a 60.7ha site would be developed behind the residential and commercial components, fronting the sea and overlooking the island.

“There will be a 2.5km coastline on the north-western boundary of the project.

“The entire development will take over 10 years to develop,” Chang added.

Meanwhile, Liew said Eco Marina would be marketed across the world.

“We are an international brandname, so there will be cross-market selling,” Liew said.

On the economic challenges facing the property market, Liew said there would always be good and bad times.

“In bad times, there is a need for more meticulous planning to adopt the best strategy to stay on top and simply be the best,” Liew said.

Source: TheStar.com.my