EcoWorld confident with RM4b sales target for FY2016

SHAH ALAM (March 26): Eco World Development Group Bhd (EcoWorld) is confident of achieving its RM4 billion sales target for its financial year ending October 2016.

"We are positive about the property market this year and we believe we can meet our sales target. As at Feb 29, we had already achieved sales amounting to RM607.8 million with 60% coming from the Klang Valley, 30% from Iskandar Malaysia and 10% from Penang," said EcoWorld president and CEO Datuk Chang Khim Wah.

"Traditionally, the first quarter of the year will see a slow market after the festive season. The market will move up a few months after," he said after the group's annual general meeting and extraordinary general meeting yesterday.

According to Chang, sales will come from projects such as Eco Majestic in Semenyih, Eco Sanctuary in Shah Alam, Eco Meadows in Penang, as well as Eco Botanic, Eco Tropics, Eco Summer and Eco Spring in Johor.

"Our projects, such as Eco Meadows, have achieved 90% cumulative sales of terraced homes since the launch last September. Our Eco Business Park I and Eco Business Park III in Iskandar Malaysia, Johor, which were launched in May 2014 and June last year respectively, are about 75% sold," he said.

The group is currently in the process of preparing for the launch of Eco Business Park II in the Senai Corridor in the second half of the year to tap the demand for warehouse facilities and industrial properties there.

"We are also looking to launch Bukit Bintang City Centre (BBCC) in Kuala Lumpur in 2Q2016, which consists of strata offices and serviced apartments in Phase 1," said Chang.

Commenting on whether the group is acquiring land, Chang said it is always looking for good land deals which would enable it to develop quality products. He added that the group will share with the public if it has concluded any land deals.

"We are constantly in talks with different parties to buy land. We want to buy land in good locations and in different catchment areas so that we can continuously grow our brand," he said.

EcoWorld has approximately 7,443.9 acres of landbank with a total gross development value of RM81 billion.

Do not ask your neighbour about the value of your home. Click here at The Edge Reference Price to find out.