EWI president and CEO Datuk Teow Leong Seng said:
KUALA LUMPUR: Eco World International (EWI) boosted its presence in the UK with the completion of stage one in its joint venture with Be Living Holdings Limited to add six new sites in London with gross development value (GDV) of £1.1bil (RM6bil).
EWI said on Monday this will bring total remaining GDV to slightly more than double remaining GDV of £1.01bil (as at Oct 31, 2017) from its ongoing UK projects.
It also said it had signed definitive agreements for the stage two acquisitions. This will potentially add another six sites with an estimated GDV of £1.5bil.
“Upon completion of the acquisition of the stage two sites, the group’s total number of projects in the UK will increase from three when it was listed around this time last year to 15 in total,” it said.
These corporate exercises enable EWI to make significant progress towards realising its ambitions to become a local UK developer.
EWI president and CEO Datuk Teow Leong Seng said: “The completion of the stage one Acquisitions marks the start of a new era for EWI in the UK.
“Going forward, we are well positioned to grow our UK business strongly to meet both local and international demand in the traditional open market sale (OMS) subsector as well as rising institutional demand in the built-to-rent (BTR) subsector,” he said.
EWI said the above joint-venture with Be Living, a sister company of prominent UK contractor & developer Willmott Dixon Holdings Limited, will open up more markets
• Access to the mid-mainstream market with the capability to supply homes at price points ranging from £500 psf to £800 psf that an average income earner in London is able to afford;
Immediate entry into the Built-to-Rent subsector which has seen rapid growth due to the substantial increase in the size of the private rental sector.
This will greatly increase the breadth, depth and resilience of the Group’s UK business through the:
• extension of its geographical reach from its current Central London locations to Greater London and the South-East of England;
• expansion of its product range at price points covering the mid, upper-mid and prime residential market segments, and
• widening the group’s customer base beyond individual homeowners and investors to institutional funds looking to acquire BTR properties in good locations.
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