Eco World confident of hitting RM4bil sales target

A model of Bukit Bintang City Centre (BBCC) a mixed integrated development by Eco World Development Group Bhd, UDA Holdings Bhd and EPF

KUALA LUMPUR: Eco World Development Group Bhd (EW Bhd) is confident of meeting its sales target of RM4bil for this financial year (FY) ending Oct 31, 2016.

The property developer, which recorded RM3bil in sales in FY15 and had maintained its sales target of RM4bil this year despite external headwinds, said in a statement that its confidence was based on strong year-to-date group sales of RM607.8mil achieved as at Feb 29 and positive reception to the recent unveiling of its strata offices at Bukit Bintang City Centre (BBCC).

BBCC is an RNM8.7bil mixed development project on the former Pudu jail site. It was reported that the first phase, which has a gross development value (GDV) of RM1.4bil, will comprise a shopping mall, four-star hotel, strata office and two blocks of serviced apartments

Speaking at Invest Malaysia 2016, EW Bhd president and chief executive officer Datuk Chang Khim Wah said: “We are very pleased with the response we have received on the “The Stride” strata offices which we are planning to launch within the next couple of months at BBCC.

“BBCC has successfully garnered the interest of Mitsui Fudosan, Japan’s largest real estate conglomerate, to take up a 50% stake in jointly developing a 1.4 million sq ft retail mall – this speaks volumes of their confidence both in the project as well as the continued health and vibrancy of KL’s property and consumer market,” he added.

Besides Mitsui Fudosan, BBCC will also be working with Zepp Hall Network Inc, a subsidiary of Sony Music Entertainment (Japan) Inc, to operate a state-of-the-art live concert hall right next to the retail mall.

The Ascott Ltd, a member of Singapore’s CapitaLand, has also expressed its interest to bring its internationally recognised brand of serviced residences to BBCC.

EW Bhd said: “With such strong partners on board even before the project’s maiden launch, BBCC’s tagline Where Life is Spectacular looks set to become a reality.”

At 19.4 acres in total, this is the last large parcel of prime city centre real estate available for urban regeneration.

BBCC’s maiden launch will include “The Stride” strata offices which comprise a 45-storey block catering to small business owners, entrepreneurs and small and medium-sized enterprises looking for medium-sized individual office suites that come with premium grade facilities such as a grand lobby, shared meetings and conference facilities and security features.

Thereafter, two blocks of serviced residences, comprising 680 units of entry level apartments with sizes starting from 450 sq ft upwards will be launched. 

EW said these smaller units were ideal for singles and young urbanite families who preferred a vibrant city lifestyle with conveniences such as public transport connectivity, work, shopping and entertainment right at their doorsteps.

EW Bhd has a 40% stake in in the BBCC development, while landowner the Urban Development Authority and the Employees Provident Fund hold 40% and 20% respectively.
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