EcoWorld expects ‘HOPE’ to raise RM6b in sales this year

KUALA LUMPUR (Jan 23): Eco World Development Group Bhd (EcoWorld) expects its “Home Ownership Programme with Eco World” (HOPE) campaign to raise RM6 billion in sales for the company this year.

President and chief executive officer (CEO) Datuk Chang Khim Wah (pictured) said the company was optimistic about its prospects following the success of a similar campaign held in 2018 and the amount of positive enquiries received for its products.

“We raked in RM2 billion worth of sales — 1,800 residential units via the #OnlyEcoWorld campaign — and we still see people coming to our sales gallery to know more about our residential units,” he told reporters after launching the HOPE campaign here yesterday.

*Malaysia’s first-of-its-kind rent-to-own scheme

*Phase 2 of Maybank’s HouzKEY to focus on secondary market

*EcoWorld Malaysia hits RM2b sales following campaign

Under this year’s campaign, the developer would offer two options to house buyers.

The “HELP2OWN” (H2O) would allow buyers to purchase residential units via a mortgage plan while for the second option, “STAY2OWN” (S2O), EcoWorld would allow buyers, particularly first-time house buyers, to rent its product and eventually own the house after one or two years.

The second option would be facilitated via a collaboration with Malayan Banking Bhd, under the Maybank HouzKEY scheme.

“Buyers might have an issue in placing a down payment for a house and may require an extra two or three years before they can buy a house, hence the S2O option would be useful to them.

“Maybank Islamic will hold the ownership and base on the monthly rental fee, they can actually own the house,” Chang added.  

EcoWorld breached sales of RM3.1 billion in the financial year 2018 (FY18) with more than RM2.2 billion achieved in the second-half of 2018.

Unbilled sales to be carried forward to FY19 stood at RM6.44 billion, which was deemed as record high for the company.

Commenting on the supply overhang which was dampening the local property market, Chang said EcoWorld did not face such challenges.

Meanwhile, EcoWorld’s land bank stood at 3,288.64ha with a total gross development value of RM87.5 billion.