KUALA LUMPUR, 19 March 2026: IJM Land Group (“IJM”) and Eco World Development Group Berhad (“EcoWorld”) through its wholly owned subsidiary have entered into three Memoranda of Understanding/Agreements (“MoUs”) to jointly undertake developments in Malaysia and Australia.

The agreements formalise IJM and EcoWorld’s ongoing collaborations to respectively undertake:

• Residential apartments on approx. 2.71 square metres of land in Macquarie Park, Sydney, Australia (“Macquarie Development”)
• Mixed residential and commercial development on approx. 6.4 acres of land in Pulai Mutiara, Johor, Malaysia (“Pulai Development”); and
• Industrial park within SENAI Airport City on approx. 788.5 acres of land in Kulai, Johor (“SENAI 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 IJM’s access to strategic growth corridors and ecosystem-building platforms 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 IJM’s presence in Australia while marking EcoWorld’s first direct overseas venture. The Pulai Development brings forward a strategically located mixed-use opportunity in Johor Bahru, while the SENAI Development advances industrial land activation within one of Johor’s emerging industrial and technology corridors. These three developments will be undertaken on a 60:40 joint venture basis, underscoring the balanced partnership between both parties and their shared commitment to create enduring strategic value.

The SENAI collaboration is particularly significant as it positions IJM to create a scale integrated ecosystem in Johor with EcoWorld’s industrial development capabilities. Beyond under the Eco Business Park 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 Hasni Harun, Group Managing Director of IJM Group, said:

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

For IJM, 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 corridors, and support its long-term economic ambition.

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 partnerships to generate accelerated and synergistic growth. When like-minded organisations 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 IJM to undertake the two urban mixed-use ventures in Australia whilst adding a landmark new Eco Business Park within the SENAI Airport City.

EcoWorld’s story began in Johor as the state has always been very important to us. We welcome the opportunity to co-develop the lands and SENAI with IJM which have some of our operations here as we aim to grow our project pipeline in the southern region. We also look forward to working with IJM to expand our footprint abroad through the Macquarie Development in Sydney which is a project both parties 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 involves the acquisition of the existing building site at 1–3 Lachlan Avenue, Macquarie Park, New South Wales where the project has development approval for a 20-storey residential apartment building comprising 173 units, with an estimated GDV of approximately AUD251 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 University Metro Station.

Pulai Development

The Pulai Development will comprise serviced apartments with retail and hotel components on approximately 6.41 acres of freehold commercial land in Johor Bahru. The project carries an estimated GDV of RM1.025 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 transport infrastructure.

SENAI Development

The SENAI Development will cover approximately 788 acres within SENAI Techvalley and is expected to be launched in Q1 2026, with an estimated GDV of RM2.6 billion. Infrastructure works are expected to commence in Q2 2026. The industrial park is envisioned to be developed in line with the Eco Business Park 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.

The SENAI Development is part of the wider SENAI Airport City development.

The Australian property market is showing signs of recovery, with successive reductions in policy rates and a steady improvement in housing demand. Green domestic product (“GDP”) grew 2.0% over the year to the September quarter and was recorded alongside solid growth picked up further in the December quarter. In particular, gross private sector business investment rose by the second half of 2025. Locally, the strong employment base is the key success within the Macquarie Park Innovation District is expected to see continued new residential demand and value creation in the medium term.

Malaysia Market Outlook

The Malaysian economy advanced by 5.1% in the fourth quarter of 2025 driven mainly by domestic demand. Exports continued to strengthen, led by electrical and electronics (“E&E”) goods. External trade flows and information and communication technology (“ICT”) related services also contributed to services exports growth and surplus in the current account balance.

The Johor-Singapore Special Economic Zone (“JS-SEZ”) continues to strengthen Johor’s economic prospects, supported by accelerating investments and improvements in connectivity and logistics infrastructure under regional master plans and the National Physical Plan. The global technology ecosystem will continue to generate ongoing growth, especially for E&E goods with locations and sites suitable to serve world-class facilities such as the Johor-Singapore SEZ.

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-executed developments, the synergy is set for the Developments to be very well received. This will contribute positively towards both IJM and EcoWorld’s future growth and earnings prospects.