Ekovest Bhd, the developer of Johor Bahru's first and largest mixed residential-commercial development known as Danga Bay is entering neighbouring Singapore for the first time to carry out a mixed development project.
Its wholly-owned subsidiary, Ekovest Development (S) Pte Ltd has inked a shareholder's agreement with three parties - MCC Land (Singapore) Pte Ltd, Sky Vision Management Pte Ltd, and MCC Land (TMK) Pte Ltd - for the development in Tanah Merah Kechil.
MCC Land is an active developer in Singapore, having developed and co-developed several development projects.
Sky Vision is a wholly-owned subsidiary of Singapore-listed The Place Holdings Ltd, which is involved in investment, development, and management of integrated media, cultural tourism, and tourism-related businesses.
Under the shareholder's agreement, MCC Land will take the lead in the development, while Ekovest Development and Sky Vision will hold a minority stake in the Project Company.
Ekovest executive chairman Tan Sri Lim Kang Hoo said this strategic direction opens up opportunities, and signals continued growth for Ekovest in the region.
The infrastructure, construction, and property group is eyeing to expand its presence in mature markets with established global partners.
Lim said while Ekovest's core business focus remains in Malaysia, it sees this as the right step for creating value-accretive growth opportunities to enhance shareholders' value.
"Singapore is a major city and is recognised globally, therefore we are optimistic on the prospects of the market demand for this mixed development project," Lim said in a statement.
On the development in Tanah Merah Kechil, it will have a gross floor area of about 24,000 square metres, comprising flats with car parks, communal facilities, and commercial components.
Lim said it is envisioned to enhance convenience for residents nearby with essential amenities and to provide commuters with greenery and seamless barrier-free connectivity.
The development is situated adjacent to the Tanah Merah MRT Station and is close to two major expressways, providing easy access and connectivity to the whole Singapore island.
The Tanah Merah MRT Station is about 30km away from Woodlands North, where a new station is coming up as part of the Johor Baru-Singapore Rapid Transit System (RTS) Link.
The RTS Link is targeted to begin operations by the end of 2026. There will be two stations, one at Bukit Chagar in Johor Baru, and the other at Woodlands North.
This new rail link will provide a convenient and efficient border crossing between Malaysia and Singapore.