Borneo Post, Photo Credit to EWI
clock 05-04-2017
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Eco World International Bullish on UK and Australia

Eco World International Bhd (EWI) which made its debut on the Main Market of Bursa Malaysia on Monday (April 3), said it still bullish over expanding property ventures in the United Kingdom (UK) and Australia.

President/chief executive officer Datuk Teow Leong Seng said moving forward, the company will continue focusing on the two countries due to their resiliency.

"We think London will remain resilient post-Brexit. Nine months after the decision to leave the European Union, London's economic scenario is still good, though undergoing some re-balancing.

"We are also looking for more deals and resuming the search for new landbank in Sydney and Melbourne.

"The demand for housing in Australia is still driven by its population growth and low-interest rates" he told a press conference after the listing ceremony.

EWI made its debut on the Main Market of Bursa Malaysia at RM1.31, for a premium of 11 sen, over its issue price of RM1.20 per share with 14.296 million changing hands at the opening bell.

The property developer's initial public offering (IPO), which involved the issuance of 2.153 billion new shares worth RM2.58 billion (based on the issue price of RM1.20 per share), is the largest in Malaysia since June 2015.

Teow said EWI's sales were good in both the UK and Australia and the IPO proceed will be used to fund the development of four current projects in the two countries.

The projects being undertaken by EWI currently include three sites in the UK where, through its joint-venture company, EcoWorld-Ballymore, it is developing waterside residential projects in the east and west of London.

EWI is also developing a project named West Village in Parramatta, Australia, a suburb and major business district in the metropolitan area of Sydney.

Teow said the gross development value for the all four projects is about RM12.96 billion, and EWI has recorded sales of RM6.49 billion as at end January this year.

EWI's IPO was anchored by two strategic investors, namely Eco World Development Group Bhd and GuocoLand Ltd. On EWI's arrangement with the GuocoLand Group, Teow said EWI will submit a proposition to manage its hotel assets.

"EWI will submit viable propositions for the redevelopment of hotel assets belonging to GuocoLand in London. It is a process and there is no definitive agreement" he added. GuocoLand's hospitality division, GLH, operates more than 5,000 rooms in London and operates 17 hotels globally.

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