ECO World Development Group Bhd hopes to achieve RM7 billion worth of sales in the next two years from launches in the Klang Valley, Iskandar Malaysia and Penang.
The company has so far launched five projects, achieving sales of RM3.02 billion.
“It has been a fantastic year for the group with all our launches well taken up,” said Eco World president and chief executive officer Datuk Chang Khim Wah at a press conference to announce the company’s results, here, Tuesday.
Eco World is scaling up its presence in the Klang Valley, Iskandar Malaysia and Penang.
It is proposing to buy the development rights of eight projects from its unit, Eco World Development Sdn Bhd, which has a combined gross development value (GDV) of RM30 billion.
Shareholders will vote on this tomorrow.
“Once our subsidiaries are fully integrated into this listed entity, we can focus on making Eco World a top-tier developer,” Chang said, adding the group’s landbank size will increase by 1,256.9ha to 1, 993ha.
“Our development pipeline will expand from three to 11 projects. This will generate an additional GDV of RM30 billion for Eco World, bringing the total value to RM47 billion,” he said.
Eco World chief financial officer Datuk Heah Kok Boon, meanwhile, said that its unit, Eco World International Bhd (EWI), has submitted its application to the Securities Commission for approval as Malaysia’s first special purpose acquisition company (SPAC) in the property sector.
“Eco World focuses on the property business within Malaysia, while EWI will be the vehicle for our business outside Malaysia, specifically the United Kingdom and Australia,” he said.
Heah said Eco World intends to hold a 30 per cent stake in EWI.
He expects to receive the approval for SPAC by the first quarter of next year.