Eco World International Bhd (EWI) is planning to expand its presence down under in the Australian property industry with its proposed maiden Melbourne project - Yarra One, a mixed development project with an estimated gross development value (GDV) of RM728.3 million.

The project will be developed into a 27-storey tower consisting of 268 residential units with a complementing retail and office podium and will take place on a 2,128 sqm parcel of land located in South Yarra, Melbourne which is owned by Salcon Development (Australia) Pty Ltd (Salcon Australia), Salcon Bhd's (Salcon) wholly-owned property development arm.

In a press release by EWI, Datuk Teow Leong Seng, president and chief executive officer (CEO) of EWI explained the group's rationale for selecting the parcel of land.

"Melbourne is a market which we are very familiar with and also a preferred investment destination for many Malaysian and regional customers. It was crowned the world's most liveable city for the sixth year running according to the Economist's Global Liveability Survey.

"This is a well-deserved reputation which the city takes great pride in and works hard to preserve, as attested by the excellent quality of life, plethora of amazing cuisine, world-class educational institutions, good employment opportunities and wide-ranging recreational amenities it offers its residents.

"We are therefore delighted to be offered the opportunity to work with Salcon to craft an outstanding residential-led development in South Yarra that will meet the lifestyle needs of discerning locals whilst offering a sound investment proposition for international buyers seeking to own an exclusive property just outside the fringe of Melbourne central business district (CBD)" he said in the statement.

To obtain the land for development, EWI has entered into a conditional share sale and purchase agreement (SPA) to acquire an 80 percent stake in Salcon Australia through its wholly-owned subsidiary, Fortune Question for a total consideration of RM400,896.

Once the exercise is completed, EWI will then acquire the prime piece of land for a consideration of RM126.5 million, a figure matching the recent market value appraisal by an Australian local valuations firm, Knight Frank Valuations.