Upcoming project – Eco Horizon at Batu Kawan

Eco World Development Group Bhd (EcoWorld) is aiming for an even higher sales target for its 2017 and 2018 financial years after having met its sales target of RM4 billion in FY2016 ended Oct 31, 2016.

The developer recorded RM4.01 billion of sales in FY2016. Its Malaysian projects contributed RM3.402 billion while Eco World International’s (EWI) four projects contributed RM608 million, said EcoWorld CEO and president Datuk Chang Khim Wah at a press conference today.

Notably, the RM608 million sales is based on EcoWorld’s subscription for its 27% stake in EWI pursuant to the latter’s initial public offering in the first quarter of next year.

“In FY20017 and FY2018, we will be targeting RM4 billion of sales solely from Malaysia projects, while we expect to be entitled to a proportionate share of international sales by EWI based on our proposed 27% shareholding in EWI,” said Chang.

He expects EWI’s sales to be anchored by its existing four projects whereas the sales from Malaysia will be contributed by the existing 15 projects along with the proposed launch of two new projects: Eco Horizon in Penang Mainland and Eco Forest in Semenyih, Selangor.

Spanning 300 acres, Eco Horizon is a leasehold township development with an estimated gross development value (GDV) of about RM8 billion.

Eco Forest is another township project with a GDV of about RM3 billion. The freehold development spans 492 acres.

Both Eco Horizon and Eco Forest are poised to be launched by mid-2017, said Chang, adding that the developer is looking to enhance and improve the ongoing township developments in order to boost sales.

Read More: TheEdgeProperty.com.my