By Sharen Kaur
SINGAPORE: ECO World Development Group Bhd has received total cash of RM1.2 billion from its corporate exercise and will see part of the proceeds going towards spearheading its 15 development projects in Malaysia, says its chief.
The Main Market-listed property developer had raised a total of RM2.8 billion from a private placement this year for expansion.
"As a property developer which likes quick turnaround, we now have more cash to finance the development of our projects in Malaysia. The corporate exercise had reduced our gearing to 0.5 times.
"We have more exciting announcements coming soon," chairman Tan Sri Liew Kee Sin said after the official opening of the group's first international sales gallery on St Martin's Drive, here, yesterday.
Eco World's market capitalisation now stands at about RM4 billion.
It has about 2,100ha of land bank in Klang Valley, Penang and Johor, with a total remaining gross development value of RM65 billion to be developed.
Liew said Eco World will launch several new projects in Malaysia in the next few months.
These include Eco Terraces in Penang, the luxury Eco Sanctuary township in the Klang Valley, as well as the RM5 billion Eco Tropics and Eco Business Park III in the Pasir Gudang growth corridor in Johor.
Eco World is targeting total sales of RM7 billion this year and next year, with about 15 per cent coming from foreign property buyers, mainly Singaporeans, said Liew.
"We are delighted to be able to grow the EcoWorld brand further in Singapore and hope that our presence here will make it more convenient for our customers and prospective buyers who would like to know more about EcoWorld.
"The sales gallery will feature all projects under the Eco World umbrella in Malaysia, London, the UK, and Sydney, Australia. This year we will launch RM1.8 billion worth of properties in Iskandar Malaysia and expect majority sales to come from Singapore," said Liew.
He noted that out of the RM3.2 billion in total sales achieved last year, RM1.8 billion was derived from Iskandar Malaysia, mostly from local and Singaporean buyers.
Eco World president and chief executive officer Datuk Chang Khim Wah said the establishment of EcoWorld Gallery @ Singapore was a natural choice considering the city state's importance as a global economic and financial hub, its proximity to and close business ties with Malaysia.
The opening of the sales gallery was officiated by the High Commissioner of Malaysia to Singapore Datuk Husni Zai Yaazob.
Husni viewed the venture by Eco World as a step forward not only for the group but for Malaysia to improve bilateral ties with Singapore.
"Despite the current setbacks such as cooling measures by the government and the implementation of the Goods and Services Tax, Iskandar Malaysia was still attracting foreign direct investment," he said.
SINGAPORE: ECO World Development Group Bhd has received total cash of RM1.2 billion from its corporate exercise and will see part of the proceeds going towards spearheading its 15 development projects in Malaysia, says its chief.
The Main Market-listed property developer had raised a total of RM2.8 billion from a private placement this year for expansion.
"As a property developer which likes quick turnaround, we now have more cash to finance the development of our projects in Malaysia. The corporate exercise had reduced our gearing to 0.5 times.
"We have more exciting announcements coming soon," chairman Tan Sri Liew Kee Sin said after the official opening of the group's first international sales gallery on St Martin's Drive, here, yesterday.
Eco World's market capitalisation now stands at about RM4 billion.
It has about 2,100ha of land bank in Klang Valley, Penang and Johor, with a total remaining gross development value of RM65 billion to be developed.
Liew said Eco World will launch several new projects in Malaysia in the next few months.
These include Eco Terraces in Penang, the luxury Eco Sanctuary township in the Klang Valley, as well as the RM5 billion Eco Tropics and Eco Business Park III in the Pasir Gudang growth corridor in Johor.
Eco World is targeting total sales of RM7 billion this year and next year, with about 15 per cent coming from foreign property buyers, mainly Singaporeans, said Liew.
"We are delighted to be able to grow the EcoWorld brand further in Singapore and hope that our presence here will make it more convenient for our customers and prospective buyers who would like to know more about EcoWorld.
"The sales gallery will feature all projects under the Eco World umbrella in Malaysia, London, the UK, and Sydney, Australia. This year we will launch RM1.8 billion worth of properties in Iskandar Malaysia and expect majority sales to come from Singapore," said Liew.
He noted that out of the RM3.2 billion in total sales achieved last year, RM1.8 billion was derived from Iskandar Malaysia, mostly from local and Singaporean buyers.
Eco World president and chief executive officer Datuk Chang Khim Wah said the establishment of EcoWorld Gallery @ Singapore was a natural choice considering the city state's importance as a global economic and financial hub, its proximity to and close business ties with Malaysia.
The opening of the sales gallery was officiated by the High Commissioner of Malaysia to Singapore Datuk Husni Zai Yaazob.
Husni viewed the venture by Eco World as a step forward not only for the group but for Malaysia to improve bilateral ties with Singapore.
"Despite the current setbacks such as cooling measures by the government and the implementation of the Goods and Services Tax, Iskandar Malaysia was still attracting foreign direct investment," he said.
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