EWI expands presence Down Under with A$218 mil project in Melbourne

PETALING JAYA (April 10): Newly-listed Eco World International Bhd (EWI) today announced the proposed acquisition of an 80% stake in Salcon Development (Australia) Pty Ltd which owns  a 2,128 sq m plot of land in South Yarra, Melbourne.

EWI and Salcon Bhd plan to launch a project comprising a 27-storey tower with 268 residential units complemented by a retail and office podium on the site. Salcon Development (Australia) is a wholly-owned subsidiary of Salcon Bhd.

To be called Yarra One, it will have an estimated gross development value (GDV) of A$218 million (RM728.3 million).

Located approximately 5.3km southeast of Melbourne’s central business district (CBD), the land is strategically positioned and close to Chapel Street and Toorak Road, EWI president and CEO Datuk Teow Leong Seng said in a press release today.

“Melbourne is a market which we are very familiar with and also a preferred investment destination for many of our Malaysian and regional customers. It was crowned the world’s most liveable city for the sixth year running according to the Economist’s Global Liveability Survey,” said Teow.

“We are therefore delighted to be offered the opportunity to work with Salcon Bhd to craft an outstanding residential-led development in South Yarra that will meet the lifestyle needs of discerning locals while offering a sound investment proposition for international buyers seeking to own an exclusive property just outside the fringe of Melbourne CBD,” he added.

He noted that Yarra One will have all the distinctive hallmarks of an EWI development — great location, superb connectivity and access to wide-ranging amenities nearby — to complement the unique selling points that the company will be incorporating into the project to appeal to its target customer base of local and international purchasers.

Meanwhile, Eco World Sydney Development Pty Ltd, a wholly-owned subsidiary of EWI, will be appointed the development manager for the project, thus generating a new fee-based income stream for the EWI group, he added.

Currently, EWI four projects with a total GDV of RM12.96 billion — London City Island, Embassy Gardens and Wardian London in the UK and West Village in Parramatta, Sydney.

As at Jan 31 this year, EWI has recorded sales of RM6.49 billion, which is approximately 50% of the total GDV.