Eco World simultaneous preview a success

PETALING JAYA: Eco World Development Group Bhd’s flagship township EcoMajestic in Semenyih, Selangor saw a take-up of  95% on its launch day.

EcoMajestic was one of the four developments the developer rolled out for a simultaneous preview yesterday. The other developments are EcoSpring and EcoSummer,and Eco Business Park 1, all in the Tebrau corridor in Iskandar Malaysia, Johor.The take-up rates for the Johor developments were not available at press time.

The 1,089-acre (440.7ha) EcoMajestic has a gross development value (GDV) of RM11.14 billion, while the 613.8-acre EcoSpring and EcoSummer have a combined GDV of RM5.87 billion. Eco Business Park 1 is the developer’s first business park and aims to take the concept of green, full-serviced business parks to another level.

Eco World president and chief executive officer Datuk Chang Khim Wah told The Edge Financial Daily that prospective buyers for all four projects began queuing at its offices in Semenyih and Johor Baru to get a queue number on Friday evening.

The crowd started to gather at EcoMajestic sales gallery in Semenyih at around 8.00am ahead of its official launch at 9.30am yesterday. According to its press release, more than 2,000 people turned up at its sales galleries in Semenyih and Johor Baru to select their units yesterday.

Also present at EcoMajestic’s official launch were director Tan Sri Liew Kee Sin, executive director Liew Tian Xiong, director Tan Sri Lee Lam Thye, and chief operating officer Datuk Sundarajoo.

The first phase of EcoMajestic comprises 612 units of terraced houses. Sizes range from 20x70; 22x70; 22x75 and 24x75, and  built-ups  from 2,019 sq ft to 2,634 sq ft. The houses are priced from RM586,000 onwards.

EcoSpring offers clusters and semi-dees with sizes ranging from 32 x 80, 42 x 80, and 50 x 80 with built up areas ranging from 2,360 to 4,030 sq ft. Prices start from RM1.1 million onwards.

EcoSummer offers terraced houses of 20x80 and 22x80 with built up areas starting from 1,875 to 2,700 sq ft. Prices start from RM650,000. Some 16% of the twin projects will be dedicated to greenery and lakes.

The 612-acre Eco Business Park 1 offers 907 units and is a freehold business hub, built in the vicinity of mature townships with an estimated cumulative population of 605,000.

To date, Eco World’s first two projects — EcoBotanic and EcoSky   — have achieved a combined total sales of RM1.13 billion as at March 31 this year. The developer recently announced sales targets of a total of RM5 billion for financial year 2014 (FY14) and FY15 at RM2 billion and RM3 billion respectively.

“The support we received for our first two project launches — EcoBotanic in Nusajaya, Johor and EcoSky, located off Jalan Ipoh in Kuala Lumpur — has given us the confidence that there is strong demand for our properties,” Chang said in the press statement.

“For our first two projects, we received overwhelming response from local purchasers given that our initial launch products were targeted at the end-user market. In Iskandar Malaysia we have an increasing number of Singaporean customers and our business park will cater to the tremendous interest from SMEs and MNCs seeking to establish business here. We expect this trend to continue with demand growing at both the local and international level as the Eco World brand becomes more established in Malaysia and regionally,” he said.

(From left) Head of sales & marketing, credit control & customer care Evon Yap, Liew Tian Xiong, Tan Sri Liew Kee Sin, Lee, Chang, Sundarajoo and chief financial officer Heah Kok Boon during the official launch of EcoMajestic.

Chang said the ability of a property developer to deliver strong and sustained growth is dependent on several factors, which include the size, location and quality of its landbank, diversity of product offerings as well as its execution capability.

Eco World currently has a landbank of 4,433 acres with a GDV of RM43.5 billion. It has five projects in the pipeline — EcoSanctuary in the Klang Valley, the newly revamped EcoTropics, Eco Business Park II and Eco Business Park III in Iskandar, as well as EcoMeadows on mainland Penang.


This article first appeared in The Edge Financial Daily, on May 26, 2014.