EcoWorld’s Firsts campaign achieves 81% take-up

PETALING JAYA (Sept 27): Eco World Development Group Bhd’s (EcoWorld) Firsts campaign has recorded a take-up rate of approximately 81%.

The campaign involved four projects — Eco Grandeur in Ijok and Eco Ardence in Shah Alam, Eco Bloom @ Eco Meadows in Penang and Eco Business Park II in Iskandar Malaysia, with a cumulative total value of products launched at approximately RM1 billion. More than 1,000 units were snapped up on the launch date (Sept 25) across the above projects.

As a result, the company is on track to achieve RM4 billion sales target in financial year ending Oct 31 (FY2016) after it achieved sales amounting to RM2.202 billion as at end-August, said president and CEO Datuk Chang Khim Wah (pictured).

According a statement, the sales achieved to date came from EcoWorld’s projects in the Klang Valley, which contributed RM1.194 billion; Iskandar Malaysia, which contributed RM935 million; and the remaining RM73 million from Penang.

Unbilled progress billings stood in excess of RM4 billion as at July 31, while revenue registered RM1.805 billion for the nine months ended July 31, 75% higher compared with the same period in the preceding year.

Meanwhile, profit-before-tax for the period came in at RM149.8 million, a 284% increase from the same period last year.

Ongoing projects which contributed to the revenue and gross profit achieved included Eco Majestic, Eco Sanctuary and Eco Sky in the Klang Valley, Eco Botanic, Eco Spring, Eco Summer and Eco Business Park 1, Eco Tropics and Eco Business Park III in Iskandar Malaysia as well as Eco Meadows and Eco Terraces in Penang.

Going forward, Chang says the property developer expects to see sales pick up strongly in the fourth quarter of FY2016 (4QFY16) following the concurrent launch under EcoWorld’s Firsts campaign.

“We are truly grateful and very humbled by the phenomenal support from our customers who turned up en-masse last Sunday (Sept 25) to purchase their dream homes,” Chang said, citing that many came with their families and started queueing up well before 8am to select units.

“This overwhelming response is the best vote-of-confidence we can have that purchasers believe in the EcoWorld brand and our ability to create enduring value for them through innovation, creativity and continuous improvement,” he added.

Encouraged by the positive response to its four new launches, Chang pointed out that EcoWorld is looking forward to launching Bukit Bintang City Centre (BBCC)’s strata offices and serviced apartments before the financial year-end.

Based on the high level of locked-in sales achieved up to Aug 31, continued contributions from the 11 ongoing projects, the overwhelming response received on the launch of the four new projects under the Firsts campaign and the upcoming launch of BBCC by year-end, Chang said that EcoWorld is on track to achieve its FY2016 sales target.

Try out one of our super tools, the rental yield calculator, here.