Eco World aims for RM4b sales in 2016

Property developer, Eco World Development Group Bhd, aims to achieve RM4 billion in sales for its financial year ending Oct 31, 2016, chief executive officer Datuk Chang Khim Wah said.

"For the current financial year, the company is eyeing RM3 billion," he told reporters at Invest Malaysia 2015 here today.

Chang, who is also Eco World president, said the sales targets for both years were on the back of strong sales momentum and high pre-sales registration.

"The group has achieved cumulative sales of RM3.8 billion over the last 16 months, including RM621 million in the first four months of financial year 2015.

"The prospects for the property market remain strong," he said.

He said the strong sales numbers were contributed by the group's projects in Iskandar Malaysia -- Eco Botanic, Eco Spring and Eco Summer and Eco Business Park I.

In Klang Valley, its two projects -- Eco Sky and Eco Majestic -- also continued to perform well, he said.

Chang said the company was highly selective in acquiring land to ensure that it was in the correct market segments and in the right locations.

Presently, the company has 209.8 hectares with a total gross development value of RM65 billion, he said.

On its listing of RM1.5 billion special-purpose acquisition company (SPAC), Chang said the plan was on track for the second half of this year.

However, he said, the proposed listing was now pending regulatory approval.

"Under the proposed listing, the SPAC will be named Eco World International Bhd, which would be Malaysia's first property SPAC," he said. - Bernama