Eco World on track to meet RM3 bil property sales in FY15 despite broader market doldrums

KUALA LUMPUR (Aug 19): Eco World Development Group Bhd is on track to meet its sales target of RM3.0 billion for its financial year ended Oct 31, 2015.

Its chief executive officer Datuk Chang Kim Wah said that demand for Eco World properties remained intact due to their prime locations and strong brand name.

He told the press after an extraordinary general meeting (EGM) to approve a proposed joint development between Eco World and UDA Holdings Bhd that the development order for the project has already been obtained and that it will start construction next year.

The gross development value for the mixed development at a prime piece of land in KL close to the Hang Tuah LRT is approximately RM8.7 billion.

Eco World holds 60% equity interest in the joint venture vehicle BBCC Development Sdn Bhd, while UDA holds the remaining 40%.

The proposed joint development was passed during the EGM.