JLand Group and EcoWorld Formalise Strategic Partnership to Advance Cross-Border Growth in Australia and Johor

Photo captions (from left)
Datuk Syed Mohamed bin Syed Ibrahim, President and Chief Executive, JCorp and Chairman, JLand Group; Datuk Sr. Akmal Ahmad, Group Managing Director, JLand Group; Dato’ Chang Khim Wah, President & Chief Executive Officer, Eco World Development Group Berhad; and Tan Sri Liew Kee Sin, Executive Chairman, Eco World Development Group Berhad

KUALA LUMPUR: JLand Group (“JLG”) and Eco World Development Group Berhad (“EcoWorld”), through its wholly-owned subsidiary, have entered into three Subscription and Shareholders’ Agreements (“SSAs”) to jointly undertake developments in Malaysia and Australia. 

 The agreements establish a joint platform spanning three distinct but complementary developments:

• Residential apartments on approx. 2,751 square metres of land in Macquarie Park, Sydney, Australia (“Macquarie Development”);
• Mixed residential and commercial development on approx. 8.44 acres of land in Johor Bahru, Johor (“Larkin Development”); and 
• Industrial park within IBTEC South on approx. 316.15 acres of land in Kulai, Johor (“IBTEC Development”) 

Together, the projects span urban residential, mixed-use and industrial segments, reflecting a diversified portfolio of opportunities across different geographies, market profiles and value-creation horizons. 

 The formalised partnership brings together JLG’s access to strategic growth corridors and ecosystem-building platform with EcoWorld’s development expertise and execution capabilities. More broadly, it reflects a shared approach to growth that is selective, partnership-led and focused on long-term value creation. 

The Macquarie Development deepens JLG’s presence in Australia while marking EcoWorld’s first direct overseas venture. The Larkin Development brings forward a strategically located mixed-use opportunity in Johor Bahru, while the IBTEC Development advances industrial land activation within one of Johor’s emerging 2 

industrial and technology corridors. These three developments will be undertaken on a 50:50 joint venture basis, underscoring the balanced partnership between both parties and their shared commitment to create enduring strategic value. 

The IBTEC collaboration is particularly significant as it combines JLG’s investor-ready innovation ecosystem in Johor with EcoWorld’s industrial development capabilities. Planned under the Eco Business Parks concept, it is expected to support medium and light industrial, commercial and logistics activities through a one-stop business park, including industrial land lots, ready-built factories, and integrated supporting infrastructure and services. It is also expected to attract sectors such as advanced electrical and electronics, medical devices and biotechnology, SMEs, and logistics and warehousing operators. 

Datuk Sr. Akmal Ahmad, Group Managing Director of JLand Group, said: 

“This formalised partnership reflects the strong strategic fit between JLG and EcoWorld, and the conviction that long-term value is created when strategic intent is matched by the right capabilities, opportunities and execution. 

For JLG, it signals the continued evolution of our platform as a builder of integrated, investor-ready ecosystems — broader in reach, more diversified in opportunity, and more deliberate in how we unlock value from strategic land through the right partnerships. 

More than a portfolio of developments, this collaboration reflects a shared approach to growth: selective in where it plays, disciplined in how it executes, and focused on creating enduring value through developments that strengthen Johor’s investment ecosystem, enhance its growth and support its long-term economic ambitions. 

We look forward to deepening this partnership with EcoWorld and look forward to translating this shared ambition into developments that are well-conceived, market-relevant and built for the future.” 

Dato’ Chang Khim Wah, President and CEO of EcoWorld, said: 

“At EcoWorld we are firm believers in the power of partnership to generate accelerated and synergistic growth. When like-minded organizations join forces with a shared vision and complementary strengths, we are able to unlock opportunities and deliver meaningful outcomes that are far greater than the sum of our individual efforts. Accordingly, we are very excited to collaborate with JLG to undertake our first direct overseas venture in Australia whilst working in tandem with them locally to further stimulate and drive socio-economic growth in Iskandar Malaysia. 

EcoWorld’s story began in Johor so the state has always been very important to us. We welcome the opportunity to co-develop the Larkin and IBTEC lands with JLG which have come at an opportune time for us to grow our project pipeline in the southern region. We also look forward to working with JLG to expand our footprint abroad through the Macquarie Development in Sydney which is a market that we are very familiar with.” 

Together, the three developments signal a partnership designed not simply around individual transactions, but around a broader platform for growth — one that is diversified, partnership-led and grounded in long-term value creation. 

Information on the Developments 

Macquarie Development 

The Macquarie Development includes the acquisition of the entity holding the site at 1–3 Lachlan Avenue, Macquarie Park, New South Wales where the project has development approval for a 16-storey residential apartment building comprising 123 units, with an estimated GDV of approximately RM431.7 million, and is expected to be launched in Q4 2026. Located within Macquarie Park, one of Sydney’s leading innovation and technology hubs, the site offers proximity to Macquarie University, Macquarie Shopping Centre and the Macquarie Park Innovation District. 

Larkin Development 

The Larkin Development will comprise serviced apartments with retail and hotel components on approximately 8.44 acres of freehold commercial land in Johor Bahru. The project carries an estimated GDV of RM1.021 billion and is expected to be launched in Q4 2026. Fronting Jalan Tun Abdul Razak and located about 3km from Johor Bahru city centre, the site benefits from strong visibility, accessibility and proximity to key commercial and transportation nodes. 

IBTEC Development 

The IBTEC Development will cover approximately 316 acres within IBTEC South and is expected to be launched in Q1 2028, with an estimated GDV of RM1.007 billion. Infrastructure works are expected to commence in Q2 2026. The industrial park is envisioned to be developed in line with the Eco Business Parks concept and will support medium and light industrial, commercial and logistics businesses through an integrated ecosystem of land lots, ready-built factories and supporting infrastructure. 

Australian Market Outlook 

The Australian property market is showing signs of recovery, with numerous indicators pointing towards a steady improvement in housing demand. Gross domestic product (“GDP”) grew 2.1% over the year to the September quarter and more recent data suggests that growth picked up further in the December quarter. In particular, growth in private demand looks to have been especially strong in the second half of 2025. Locally, the strong employment base in the key sectors within the Macquarie Park Innovation District is expected to see continued workforce and student growth which will further support the demand for housing. 

Malaysian Market Outlook 

The Malaysian economy advanced by 6.3% in the fourth quarter of 2025 driven mainly by domestic demand. Exports continued to strengthen, led by electrical and electronics (E&E) goods. Inbound tourism and information and 5 

communication technology (ICT)-related services also contributed to services exports growth and surplus in the current account balance. 

The growth momentum is expected to continue in 2026, supported by expansion in investment activity, continued realisation of approved investments and implementation of catalytic initiatives under national master plans and the Thirteenth Malaysia Plan. The global technology expansion will underpin continuing exports growth, especially for E&E goods with tourism activities adding to overall growth due to the launch of Visit Malaysia Year 2026. 

Given the improving Australian property market and positive outlook for Malaysia, particularly in the industrial sector, along with both parties’ execution track record in delivering well-crafted developments, the stage is set for the Developments to be very well received. This will contribute positively towards both JLG & EcoWorld’s future growth and earnings prospects. 

About JLand Group (JLG) 

JLand Group is the real estate and infrastructure platform of Johor Corporation (JCorp), delivering integrated, sustainable, and future-ready developments that support industrial growth, urbanisation, and digital transformation. Its operations span four strategic pillars: Property Development, Integrated Community Solutions, Property Investment and Outsourced Services. These pillars serve as the cornerstone for maximising value strategically across our business and assets, underpinning our strong foothold across various industries. 

To learn more, visit www.jlandgroup.com.my or connect with us on LinkedIn. 

About Eco World Development Group Berhad (EcoWorld) 

EcoWorld is a public-listed Malaysian property developer with 11,956 acres of landbank across the Klang Valley, Iskandar Malaysia, Penang and Negeri Sembilan, and a total estimated gross development value of RM98 billion. We have five sizeable and diversified revenue pillars: Eco Townships, Eco Rise, Eco Hubs, Eco Business Parks and QUANTUM, enabling us to serve all segments of the real estate market. Through projects undertaken by EWI Capital Berhad (formerly Eco World International Berhad) from 2015 – 2025 , the EcoWorld brand has also extended its reach to the United Kingdom and Australia. 

For media enquiries, please contact: 

JLG
Nadia Marlina Ismail
Mobile: +6012 619 6611
Email: nadia.ismail@jlandgroup.com.my

EcoWorld
Diana Chin
Mobile: +6012 234 0159
Email: diana.chin@ecoworld.my