Eco World Development Bhd surpasses FY15 target, banking on BBCC to drive FY16 sales

Eco World Development Bhd surpasses FY15 target, banking on BBCC to drive FY16 sales

KUALA LUMPUR, Dec 10 — Eco World Development Bhd has surpassed its sales target of RM3 billion for the financial year 2015 (FY15) and is now banking on the RM8.7 billion Bukit Bintang City Centre (BBCC) project to drive sales in the 2016 financial year (FY16).

The BBCC, a joint development by Eco World, UDA Holdings Bhd and the Employees Provident Fund, will be launched in the first quarter of next year, with construction to begin in mid-2016 and to be completed in eight to 10 years time.

“The first phase of the development includes strata offices, retail space and a block of serviced apartments,” Eco World President/Chief Executive Officer Datuk Chang Khim Wah told a press conference here Thursday.

He said Eco World achieved RM3.016 billion sales for FY15 ended Oct 31, 2015, contributed by four projects in Klang Valley worth RM1.579 billion, six projects in Iskandar Malaysia (RM1.213 billion) and two projects in Penang (RM224 million).

“For FY15, we recorded a revenue of RM1.712 billion and gross profit of RM411.9 million with gross margin averaging 24%,” he said.

Chang said Eco World was upbeat on its outlook for FY16 with unbilled sales of RM4.2 billion, which would last for the next two to three years.

“We have secured over three hectares of landbank with a total gross development value of RM81 billion.

“On sales, we are maintaining our initial target of RM4 billion for FY16, driven by new launches and 11 ongoing projects,” he said.

Among the projects for FY16 included the launch of Eco Business Park II in Iskandar Malaysia and the masterplan finalisation of new developments of EcoForest, EcoGardens and EcoMarina.

— BERNAMA

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