Eco World International makes its mark in Sydney

KUALA LUMPUR (Sept 26): Eco World International (EWI) is moving into the Australian property market with West Village, a high-rise development to be constructed in Parramatta. The A$300 million (RM921 million) project sited on an approximately one-acre parcel, is situated about a 30-minute drive away from Sydney’s Central Business District (CBD).

West Village will offer 397 units of 1, 2 and 3-bedroom layouts. The built-ups range from 50 sq m to 120 sq m and selling price starts from A$11,000 per sq m. The project is yet to be launched officially, but already 90% of its units have been reserved.

However, the remaining 10% will be released to the local Sydney market, according to Tan Sri Liew Kee Sin, deputy chairman of EWI, at the opening of the Eco World Gallery @ West Village, Parramatta on Sept 11.

Construction is slated to start in 2Q2016 and will be completed in 2Q2019. The location of West Village is within walking distance to several key amenities such as the largest shopping centre in the Southern Hemisphere, Westfield Parramatta Shopping Centre and the third busiest station in New South Wales, Parramatta Train Station, as well as The Parramatta CBD and Ferry Wharf.

Nearby is the University of Western Sydney’s CBD Campus and the University of New England’s CBD Campus and numerous eateries as such as Jamie Oliver’s Trattoria and Bourke Street Bakery. Additionally, the Westmead Medical Precinct is a 10-minute drive from the West Village site.

“Parramatta is undergoing a transformation, being the second CBD of Sydney,” says CEO of Eco World Sydney Development Pty Ltd Yap Foo Leong at the gallery opening.

“There is a huge shift in Parramatta demographics, research has shown that the mix will consist of mainly educated, white-collar, single young professionals as well as young families. And because of this, there is a big shift of celebrity chefs and restaurants like Jamie Oliver… [that] have set up shop in Parramatta.

“Parramatta is not just a place that you stay and go somewhere else [to work and play]; it is a living, working city. It is the largest city outside the Sydney CBD. It is all about connectivity, job creation and all the headquarters like Coca Cola [are here]… it is a working city." ” explains president and EWI CEO Datuk Teow Leong Seng.

The government is pumping millions of dollars to improve the transport infrastructure and the Minister of Planning, Pru Goward has also released the “A Plan for Growing Sydney” in December last year. The plan is to guide land use planning decisions for the next 20 years and presents a strategy for accommodating Sydney’s population growth over this time.

EWI is looking for more land in Sydney and Melbourne according to Teow. This is the fourth overseas project for the developer, with the first three situated in London, namely, Embassy Garden in Nine Elms, London City Island on the Leamouth Peninsular, East London and Wardian London in Canary Wharf.

Read the full story in the Sept 28 issue of City&Country, the property pullout of The Edge Malaysia business weekly. Subscribe here for your personal copy.