Eco World eyes RM12 billion sales for FY19, FY20
We expect 2019 and 2020 to be good years for EcoWorld, driven by the record high unbilled sales of RM6.44 billion for EcoWorld Malaysia and RM6.62 billion for EcoWorld International to be carried forward to FY19.
KUALA LUMPUR: Eco World Development Group Bhd ( EcoWorld Malaysia) and Eco World International Bhd ( EcoWorld International) aim to achieve a combined sales of RM12 billion over two financial years ending October 31, 2019 ( FY19) and FY20.
EcoWorld Malaysia chairman Tan Sri Liew Kee Sin said the target was based on the bullish performance recorded by both companies, which saw its local and international sales exceed RM6 billion for the 2018 financial year, amid the challenging environment for the property sector.
“We expect 2019 and 2020 to be good years for EcoWorld, driven by the record high unbilled sales of RM6.44 billion for EcoWorld Malaysia and RM6.62 billion for EcoWorld International to be carried forward to FY19,” he told a press conference here yesterday.
With the record high unbilled sales recorded for both EcoWorld Malaysia and Ecoworld International, Liew expressed confidence that the group would chart better earnings growth moving forward.
On Ecoworld International’s build-to-rent ( BtR) project in the UK, Liew said the group aims to build 10,000 units in five years’ time, and hopefully would build an additional 1,000 units in 2019,
Tan Sri Liew Kee Sin, EcoWorld Malaysia chairman
after a deal worth £ 389 million was signed with Invesco Real Estate recently.
EcoWorld International recently said its 70 per cent- owned joint venture, EcoWorld London, would let and manage 1,080 BtR homes in London as part of a deal worth £ 389 million with Invesco Real Estate.
According to EcoWorld International chief executive officer Datuk Chang Khim Wah, the deal to build the 1,000 BtR units for next year was still under negotiation.
Moving forward, Liew said the group would focus on its BtR business in the UK instead of exploring new overseas markets.
A group statement released today said EcoWorld London already has existing sites with the potential to deliver over 3,000 BtR units that the group intends to realise over the next two to three years.
Meanwhile, asked on the FundMyHome scheme expected to kick-start in the first quarter of 2019, Liew said the company has committed 300 units of Karisma Eco Majestic apartments worth RM300,000 per unit to participate in the programme.
“Further details would only be given after EdgeProp Sdn Bhd, initiator of the scheme, secures the regulatory approvals,” he said.
Liew said in mid- January 2019, EcoWorld Malaysia would launch a new campaign called HOPE — Home Ownership Programme with EcoWorld — that incorporates two innovative home ownership schemes. — Bernama