38. DATUK LEONG KOK WAH Flagship: Eco World Development Group Bhd, Eco World International Bhd and Salcon Bhd Net worth: RM1.06bil

LEONG saw his earnings tumble 35% or RM600mil in 2018, placing him at 38th on the list this year compared to 33 last year.

He sits on the boards of Eco

World and Salcon. Leong is also a long-time associate of Tan Sri

Liew Kee Sin, the prime mover behind Eco World Development and Eco World International (EWI).

EWI is an Eco World Development associate that specialises in property projects outside Malaysia, while Salcon specialises in water infrastructure. Through several private vehicles, Leong, who has a stockbroking and fund management background, holds substantial stakes in Eco World Development and EWI.

In December 2018, EWI’s 70%-owned joint venture, EcoWorld London, announced that it would let and manage over 1,000 build-torent (BtR) homes in London as part of a deal worth £389mil (RM2.1bil) with Invesco Real Estate.

The target for EcoWorld London is to secure 10,000 homes under this BtR programme over the next five years.

The acquisition is being made on a forward-funded basis which will enable EcoWorld London to recover about £66mil (RM348.8mil) of its land cost shortly after the exchange of contracts.

On the local front, Eco World Development announced in February that it will lease 50 houses and retail lots to Taiwan intelligent hotel operator Dun-Qian Hotel Management Co Ltd as part of a collaboration to set up the first intelligent accommodation in the country.

The whole of 2018 saw Eco World Development dropping 35%.

Eco World Development posted a net profit of RM68.53mil in the fourth quarter ended Oct 31, more than double the sum of RM33.71mil recorded in the year-ago quarter on contributions from its joint ventures and projects.

The group’s share of unbilled sales to be carried over to 2019 stands at RM6.43bil, which is a record high for Eco World. Revenue for the quarter under review was RM607.58mil versus RM904.06mil in the 2017 quarter.