KUALA LUMPUR (Sept 13): Eco World International Bhd (EWI) expects to launch Yarra One, its second residential development project in Australia with a gross development value (GDV) of RM825.7 million, towards the end of this month, said president and CEO Datuk Teow Leong Seng.
“We have just completed the necessary documentation, and EWI is ready to launch its new baby Down Under,” Teow told reporters after launching an art exhibition, “The World of David Bromley”, at the EWI Gallery here yesterday.
Including Yarra One, EWI now has five developments, with two projects in Australia — one each in Sydney and Melbourne — and three projects in London, the UK.
Yarra One, Teow added, is expected to push up the total portfolio value of EWI projects to around RM14 billion in GDV, from RM12.96 billion currently.
Slated for completion in the first half of 2020, Yarra One comprises a 26-storey tower with 256 residential units.
Teow is expecting stable demand for Yarra One, designed in collaboration with award-winning Fender Katsalidis Architects.
Meanwhile, Teow declined to provide any updates as to whether EWI will meet its target to secure total property sales of RM2.5 billion for the financial year ending Oct 31, 2017 (FY17).
“Our latest [third] quarterly results will be released on Sept 14 (tomorrow). Until then, it is inappropriate for me to reveal any guidance pending approval from the board of directors,” he said.
EWI recorded property sales of RM1.05 billion in the first six months of FY17, calculated from November 2016 to April 2017.
Including May 2017, EWI had previously said its property sales amounted to RM1.13 billion, bringing its cumulative sales from its four projects in the UK and Australia so far to RM6.73 billion.
Earlier, EWI presented artwork by Bromley, Australia’s most-loved contemporary self-taught artist. Bromley’s exhibition features over 20 unique paintings and two sculptures.
“Presenting Bromley’s exhibition here is a great opportunity for EWI to connect Malaysia with Australia, particularly in Melbourne — Bromely’s home base, and also where our project, Yarra One is located,” said Teow.
Listed on Bursa Malaysia’s Main Market since April 3, EWI shares slid one sen or 0.91% to RM1.09 yesterday, with a market capitalisation of RM2.62 billion.
This article first appeared in The Edge Financial Daily, on Sept 13, 2017.