Invest Malaysia Eco World on track to hit RM2b property sales target

by **Cals** Wed 11 Jun 2014, 01:55

Invest Malaysia Eco World on track to hit RM2b property sales target

Business & Markets 2014

Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com

Tuesday, 10 June 2014 16:18

KUALA LUMPUR (June 10): Eco World Development Group Bhd is on track to achieve its RM2 billion property sales target for current financial year ending October 31, 2014, President and CEO Datuk Chang Khim Wah said.

Chang said Eco World had achieved RM1.13 billion as of March, 2014. He said the location, security and sustainability elements of its property development projects were the main features that attract buyers.

"I think all of our projects are very well located in catchments that are populated, such as in Semenyih, Selangor which is next to Kajang and Cheras," Chang told reporters at the Invest Malaysia 2014 conference today.

Eco World's 429ha (1,073-acre) EcoMajestic township in Semenyih saw a 95% take-up rate for its 612 terraced homes during the project's launch on May 25 this year.

Two other projects were also launched on the same day in Johor Bahru, namely, EcoSpring and EcoSummer, both of which, saw a combined take-up rate of 85%.

The group's first business park, Eco Business Park 1, which is located in the vicinity of EcoSpring and EcoSummer, was also previewed on the same day. The four projects in Selangor and Johor have a total gross development value (GDV) of RM20.8 billion.

In Penang, Eco World will also launch two projects in in the last quarter of 2014, namely, EcoTerraces and EcoMeadows. These projects have a combined GDV of RM1.26 billion.

Abroad, Eco World is venturing into Australia, where the company has purchased a 0.4ha (1.1 acre) land in Parramatta, Sydney.

"We are looking to build 300 over units of apartments there. We think the response will be very good as Parramatta is a very developed suburban centre," said Chang.

Chang said the Sydney project would commence either by end-2014 or early 2015.

Asked if Eco World is looking to expand into other countries, Chang said the group was always looking for opportunities but would mostly concentrate on Malaysia.