Eco World associate to develop Sydney residential project

by **Cals** Wed 25 Mar 2015, 22:48

Eco World associate to develop Sydney residential project

By Shalini Kumar / theedgemarkets.com | March 25, 2015 : 2:33 PM MYT

SEMENYIH (Mar 25): Eco World International, an associate company of [size=14]Eco World Development Group Bhd ([You must be registered and logged in to see this image.]Financial Dashboard), will be developing a 300-unit residential project in Paramatta, Sydney in Australia.

Group president and chief executive officer Datuk Chang Khim Wah said the project would sit on a plot of land measuring one acre and has a gross development value of A$300 million.

"This development will be mainly apartments and will be launched sometime in the middle of this year," he said.

This will be Eco World’s (fundamental: 0.5; valuation: 0.3) second foray into international markets, following its joint venture with Ballymore Group to develop three large scale residential projects in London.

Chang was speaking to reporters today after the opening of the Red Carpet Bridge at the group's Eco Majestic township in Semenyih.

Eco Majestic is expected to have its first phase comprising 615 units completed by mid-2016.

Meanwhile, Chang said there would also be 4,000 units of affordable apartment units, starting from RM42,000 each, launched this year within the Eco Majestic development.

At the noon break, Eco World shares were one sen lower at RM1.96, with 1.2 million shares done.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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