KUALA LUMPUR: EWI Capital Bhd recorded RM34.7mil in sales based on contracts exchanged during the first 10 months of its financial year ending Oct 31, 2026 (FY2026), as it continued to monetise its remaining development assets.
Including RM9.8mil in reservations, total sales achieved to date stood at RM44.5mil, the group said in notes accompanying its financial results.
“As at Aug 31, 2026, 99% of launched units had been sold. The value of completed units currently available for sale was approximately RM92mil, of which about 60% comprised commercial units, with the balance comprising residential units,” the property developer said in the notes accompanying its financial results.
EWI Capital said it was also working to establish recurring income streams, including through its A$100mil investment in TrustCapital Australian Office Fund No. 3 (AOF3).
AOF3 completed the acquisition of 750 Collins Street in Melbourne in May 2026. The property, which has about 41,000 sq m of net lettable area, is leased to Monash University until 2035.
The group expects the investment to provide recurring income and form part of its strategy to return to profitability.
For its remaining UK projects, the development plan for the Griffin Park site at Kew Bridge has been approved, while the Duffy site is expected to receive planning permission in FY2027.
The board is assessing the feasibility of proceeding with the Griffin Park development while also exploring a potential disposal to accelerate monetisation.
EWI Capital said the London residential market continued to face pressure from weaker property prices and elevated construction costs.
In Australia, higher interest rates continued to raise development financing costs and constrain homebuyers’ borrowing capacity, although the group noted improving conditions in the office market.
“Looking ahead, the board expects the operating environment to remain challenging, with heightened geopolitical uncertainties, particularly the ongoing conflict in the Middle East, contributing to inflationary pressures and broader economic uncertainty.
“Against this backdrop, the group will remain disciplined in its capital allocation, continue to assess the feasibility of its existing projects, pursue the monetisation of its remaining development assets, strengthen recurring income streams and preserve financial flexibility as it navigates the evolving market environment,” EWI Capital said.
For the third quarter ended July 31, 2026, EWI Capital posted a net loss of RM13.23mil, compared with RM8.20mil a year earlier. It recorded no revenue during the quarter versus RM2.84mil previously.
The absence of revenue was due to its Australian projects having been fully sold and handed over in FY2025, while sales from its remaining UK projects were recorded at the joint-venture level and were not consolidated as group revenue.
