KUALA LUMPUR: Eco World International Berhad (EWI) today announced that it had achieved sales of RM1.05 billion during the first half of FY2017. As at 31 May 2017, total sales secured in FY2017 amounted to RM1.13 billion, bringing EWI’s total cumulative sales from its existing four projects to RM6.73 billion.
The Group further announced that it had set a sales target of RM2.5 billion for FY2017.
With regard to the steady sales recorded to-date, President & CEO of EWI, Dato’ Teow Leong Seng attributed this to EWI’s well-balanced buyer profile and the fundamental attractiveness of its various projects in the United Kingdom and Australia.
“We are very fortunate to have cultivated a strong following for all our projects with a good mix of customers comprising both international and home country buyers. This is a key advantage we will deploy going forward to achieve our ambitions of becoming a significant global property player.”
For its 3 projects in London, EWI’s buyer profile is 54% UK-based with the balance 46% coming from Malaysia, Hong Kong, China, Singapore, the Middle East and other countries. In Sydney, the buyer mix is similarly well balanced with 48% from Australia and the balance 52% mainly from Malaysia, China, Hong Kong, Indonesia and Singapore.
He added that interest in the Group’s UK projects remain healthy bolstered by good construction progress on site, unique selling points of each project and positive developments in the surrounding areas. Among the notable project highlights which continue to drive and underpin sales demand are as follows:
Down south in Australia EWI is strengthening its presence with the acquisition of a new project named Yarra One in Melbourne. Located in South Yarra on the fringe of the Melbourne CBD, the site enjoys great connectivity with ample amenities in the surrounding locale. Yarra One was well-received by prospective customers during its recent introductory roadshows in key cities such as Beijing, Jakarta, Hong Kong, Brunei, Singapore and Kuala Lumpur.
For the 6 months ended 30 April 2017, EWI recorded a loss before tax (LBT) of RM29.32 million in the current financial period, which is 75.1% lower than RM117.60 million reported for the 6 months ended 30 April 2016.
“We will see profit recognition beginning in FY2018 as handover commences in phases starting with London City Island and Embassy Gardens. Our plans for the second half of 2017 include the completion of the proposed acquisition of 80% of the issued capital in Eco World-Salcon Y1 Pty Ltd and the launch of the Yarra One development in Melbourne,” said Teow.
Teow said that EWI will diligently seek out well located development sites in its 3 main target cities of London, Sydney and Melbourne to replenish its landbank. “We aim to build up a well-diversified property portfolio with a good spread of projects at various stages of development and price points to ensure both business sustainability and broad market appeal,” he said.