By Sharen Kaur - Published in Business Times, September 19, 2024
KUALA LUMPUR: Eco World Development Group Berhad (EcoWorld Malaysia) exceeded its full-year sales target of RM3.5 billion within the first 10 months of fiscal year 2024 (FY2024).
Iskandar Malaysia in Johor contributed the largest share, accounting for 63 per cent of the group's year-to-date (YTD) sales, followed by 27 per cent from the Klang Valley and 10 per cent from Penang.
The industrial segment performed exceptionally well, recording RM1.05 billion in sales by Aug 31, 2024, surpassing the FY2023 record of RM1.04 billion.
In response to this growth, EcoWorld Malaysia launched its fifth revenue pillar, QUANTUM, on Aug 1, 2024, focusing on digital and high-tech industrialists.
The first QUANTUM project, QUANTUM Edge in Kulai, Iskandar Malaysia, achieved RM626 million in sales by the end of August.
Significant land sales at QUANTUM Edge included a 123.141-acre transaction with Microsoft Payments (Malaysia) Sdn Bhd for RM402.3 million and a 57.081-acre sale to Princeton Digital Group, Asia's leading data centre provider, for RM223.8 million.
"Both deals are in line with the group's strategy of identifying market leading players to catalyse our industrial parks and accelerate the development timeline of our projects, which creates positive spillover effects for EcoWorld Malaysia and our surrounding communities," said EcoWorld Malaysia president and chief executive officer Datuk Chang Khim Wah.
"We are confident that the group, through our sizeable, diversified yet complementary Eco Business Parks and QUANTUM pillars, will be able to meet the heightened industrial demand as we are able to cater to both traditional industrialists as well as technopreneurs and new economy players."
On the residential side, the Eco Townships and Eco Rise pillars recorded RM2 billion in combined sales by August 31, 2024.
Upgrader homes priced above RM650,000 accounted for 83 per cent of Eco Township sales, reflecting strong demand for high-end landed properties.
Eco Rise also set a record with RM909 million in YTD sales, significantly surpassing the FY2023 total of RM509 million.
The group's duduk apartments contributed RM775 million, with over 1,800 units sold.
Additionally, Eco Hubs, the group's commercial division, reported RM454 million in sales, driven by new strata shop and office launches in the Klang Valley and Penang.
EcoWorld Malaysia's financial position continued to strengthen, generating RM657.6 million in cash from operations during the first nine months of FY2024, surpassing the full-year figure of RM572.2 million in FY2023.
As of July 31, 2024, the group's cash reserves hit a record RM1.55 billion, enabling a reduction in its net gearing ratio to 0.21 times and positioning the company for further landbank acquisitions, Chang noted.
Source: https://www.nst.com.my/property/2024/09/1107874/ecoworld-malaysia-exceeds-rm35bil-full-year-sales-target-within-10-months
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