Malaysian property developer Eco World International Berhad said today GuocoLand Ltd, controlled by tycoon Quek Leng Chan, will subscribe to a 27 percent stake in the company's upcoming initial public offering.

Parent company Eco World Development Group will hold a 27 percent stake after the IPO, it said.

Eco World International, which owns properties in the UK and Australia, is aiming to list on Bursa Malaysia in the first quarter of 2017 and raise more than RM2 billion (US$478.47 million), it said.

"With a substantial exposure to Asia, GuocoLand has been on the lookout for investment opportunities in other markets," GuocoLand's group CEO Raymond Choong said in a separate statement, confirming the stake purchase.

"The UK and Australia property markets offer scalability, and we believe that with the right products and locations, they offer reasonable returns," he said.

- Reuters