Eco World International (EWI) is expanding its foothold in London. (Good news for a Malaysian developer.) This is the news article in TheStar. It says that it will be expanding from its 3 projects to 12 new sites in Greater London and the South East of England. (Yes, Greater KL is definitely a good idea because a growing population means more affordable homes are needed and there is only one choice; further) According to the article, EWI executive vice chairman Tan Sri Liew Kee Sin said, “After considering numerous proposals offered to us we are delighted to be partnering with a company of the experience and stature of Willmott Dixon in a deal that potentially expands our presence in the UK to four times our current size.”
EWI president and chief executive officer Datuk Teow Leong Seng added, “Apart from the acquisition of a 70% interest in the project sites, we will also be acquiring a 70% interest in Wilmott Dixon’s development management arm with full multi-disciplinary team of highly experienced personnel. This will provide us with a strong pool of talent and manpower resources to bring our UK business to greater heights going forward.” This deal would potentially increase EWI’s totalpresence in the UK fourfold and with a sizeable land bank sufficient to build about 6,700 residential units with a total total gross development value (GDV) of at least £2.5bil (RM13.9bil). (Actually, when it is is a much stronger foreign currency,the developer gains a lot more compared to if the cost is fully in a local currency and the revenue is also fully in a local currency)
Beyond this, there is also a framework for a further 1,500 units for which the GDV is still too early to be determined. (Seriously, building just the 6,700 units would take many years…) Some of the areas that EWI will be developing include an extensive part of the popular London property market, including projects in Barking and Dagenham, Barnet, Brent, Bromley, Ealing, Hounslow, Lambeth, Tower Hamlets and Westminster, all of which are a short commute from Central London and international airports. It also includes one project outside of London in Woking, a busy commercial town, with a rapidly expanding artistic and cultural life within 25 minutes of Central London and close to London Heathrow Full article in TheStar here.I always love it when Malaysian developers venture to advanced property markets. It does tell a bit more that our developers are not that ‘domesticated.’ All the best to all other aspiring Malaysian developers venturing outside. Cheers.
written on 8 Nov 2017
Next suggested article: Greater London, severely unaffordable. Greater KL perhaps
