Eco World Development Bhd’s President and chief executive officer Datuk Chang Khim Wah said that the company has achieved RM3.016bil sales for the financial year ended Oct 31, 2015. This figure was contributed by four projects in the Klang Valley worth RM1.579bil, six projects in Iskandar Malaysia (RM1.213bil) and two projects in Penang ( RM224mil). With this, it has surpassed its sales target of RM3 billion for the financial year 2015 (FY15). Moving forward, Eco World would now be focussing on its RM8.7bil Bukit Bintang City Centre (BBCC) project in terms of sales in financial year 2016 (FY16).
In brief, BBCC is a joint development Eco World, UDA Holdings Bhd and the Employees Provident Fund (EPF). It is a development on the former Pudu jail site consisting of a mixed residential and commercial development comprising a retail mall, an entertainment block, strata offices, office tower, two hotels, and serviced residences and apartments. According to an earlier report, the sales would start end of 2015 but I think this has been delayed slightly to Q1 2016 and construction would start in mid 2016 with full completion expected in the next 8 – 10 years. Some details from an earlier article here: Eco World: Still confident of 2015 target and BBCC update
In its latest financial year, FY15, Eco World achieved a revenue of RM1.712 bill and a gross profit of RM411.9mil. This gives it a gross margin of 24%. Interested with new developments which are big enough to spark main-catalyst? Well, this may be it. BBCC’s site is really in the middle of the city centre and with the right connections should be another Bukit Bintang. Yes, perhaps this may cause the competition to heat up between the current Bukit Bintang and the new Bukit Bintang but if I am a shopper, more options is always better! Let’s drop by and take a look when they launch yeah. Happy investing.
written on 10 Dec 2015
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