Ecoworld confident of hitting RM4 bln sales target for fy16

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KUALA LUMPUR: Property developer Eco World Development Group Bhd (EW Bhd) is confident of achieving its sales target of RM4 billion for the financial year ending Oct 31, 2016, up from RM3 billion previously.

President and Chief Executive Officer Datuk Chang Khim Wah said the target would be driven by the “The Stride” project in Bukit Bintang City Centre (BBCC) and 11 other on-going projects in the country.

Speaking to reporters on the sidelines of the 12th Invest Malaysia Kuala Lumpur (IMKL 2016) yesterday, Chang said the group achieved strong year-to-date sales of RM607.8 million as at Feb 29, 2016 and positive reception to the recent unveiling of strata offices at BBCC.

“The Stride” strata offices project, comprising a 45-storey block with a total investment of RM1.6 billion, will be launched within the next couple of months, he said.

Two blocks of serviced residences, comprising 680 units of entry level apartments with sizes starting from 450 sq.ft.(41.8 sq.m.), will also be launched this year, he added.

Chang said BBCC has garnered the interest of Mitsui Fudosan, Japan’s largest real estate conglomerate, to take up a 50 per cent stake in jointly developing a 1.4 million sq.ft.(126,000 sq.m.) retail mall.

“This speaks volumes of their confidence both in the project as well as the continued health and vibrancy of Kuala Lumpur’s property and consumer market,” he said.

To date, EW Bhd has secured about 3012.4 hectares (7,443.9 acres) of land bank with a total gross development value (GDV) of RM81 billion.

Currently, the group has a presence in the Klang Valley, Iskandar Malaysia and Penang with 17 projects in total, including affordable housing, upgrader and luxury homes, integrated high-rise developments and green business parks.

Meanwhile, Chang said Eco World International Bhd’s (EWI) three projects in London, the United Kingdom and Parramatta (West Sydney), Australia have collectively secured cumulative sales of GBP712.5 million as at Jan 31, 2016. — Bernama