EcoWorld to launch maiden project in BBCC within two months

KUALA LUMPUR (April 13): Eco World Development Group Bhd (EcoWorld), which is confident of meeting its sales target of RM4 billion for the financial year ending Oct 31, 2016, said the maiden launch of its Bukit Bintang City Centre (BBCC) mixed-use development here is expected to be within the next two months.

EcoWorld president and chief executive officer Datuk Chang Khim Wah (pictured) said it had already received positive responses from buyers to the 45-storey block with strata offices in BBCC, known as The Stride, which is targeted at small and medium enterprises.

The launch will be followed by two blocks of serviced residences comprising 680 units of entry-level apartments with built-ups starting from 450 sq ft. The units are targeted at singles and young urbanite families who prefer a vibrant city lifestyle with public transport connectivity, work, shopping and entertainment right at their doorsteps.

“BBCC’s location at the heart of the [Kuala Lumpur] Golden Triangle provides us with unrivalled opportunities to create a one-of-a-kind fully integrated development offering superb connectivity, combined with world-class shopping, entertainment, leisure, residential and office propositions, to both local and international buyers,” Chang told a news conference on the sidelines of the 12th Invest Malaysia 2016 yesterday.

“We aim to work closely with all our partners, namely UDA Holdings Bhd, the Employees Provident Fund, Japan’s Mitsui Fudosan [Co Ltd], Zepp Hall Network Inc and The Ascott Ltd, to make BBCC a significant catalyst for helping Kuala Lumpur achieve its aspirations of becoming a global city,” he said.

Chang also said EcoWorld’s plan to subscribe to up to 30% of Eco World International Bhd’s (EWI) enlarged issued capital had seen progress with the approval of the Securities Commission Malaysia for EWI’s proposed initial public offering.

Chang said it still requires the approval of shareholders, but the group is confident that the approval will be obtained.

EWI’s three projects in London, the United Kingdom, and one project in Parramatta, Sydney, Australia had collectively secured cumulative sales of £712.5 million (RM3.95 billion) as at Jan 31, 2016.

“The close association with a successful international brand also gives us a significant competitive edge in marketing our projects to our local Malaysian customers. It will also potentially open up new markets for us to sell our investment-grade products to international buyers,” added Chang.

Do not ask your sister-in-law about the value of your home. Go to The Edge Reference Price to find out.

This article first appeared in The Edge Financial Daily, on April 13, 2016. Subscribe to The Edge Financial Daily here.