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KUALA LUMPUR: Eco World International Bhd (EcoWorld International) is on track to achieve its sales target of RM2bil for the financial year ending Oct 31, 2022 (FY22).
“Total sales plus reserves as at May 31, 2022 (7 months) adds up to RM1.533bil which is 52% more than RM1.012bil recorded in the same period of FY21,” the developer said in a statement.
It added that the Embassy Gardens and London City Island continued to be the biggest contributors to sales and reservations, generating RM549mil and RM304mil respectively.
EW-Ballymore, the group’s first joint-venture in the United Kingdom, has fully paid down its bank loans in April 2022 and was able to commence its maiden repayment of shareholder loans to EcoWorld International in May 2022.
EW-Ballymore currently has about £400mil worth of completed properties which are readily monetisable for further distributions to EcoWorld International.
“Given the present market conditions and that EW-Ballymore projects are at the tail-end of completion, the board has taken a prudent stand to recognise an impairment of RM36mil on its investment in the EW-Ballymore portfolio based on current estimated selling prices for the remaining completed stock,” EcoWorld International said.
President & CEO Datuk Teow Leong Seng said the strong start it experienced in 1Q22 has continued into 2222 with total sales and reserves of RM1.533bil recorded as at May 31.
“Our London City Island and Embassy Gardens projects continue to lead sales performance and we have also seen a good uptick in demand for our Australian projects in 2Q22,” he said.
Teow added that its monetisation strategy has progressed well, enabling us to repay all the project development loans for our Australian projects as well as all the bank borrowings of its EW-Ballymore joint-venture.
“At the group level we have also begun receiving some repayment of our shareholders' advances from EW-Ballymore,” he said.
“However, despite the resurgence in demand we have seen over the last seven months, selling prices for properties have not increased at quite the same pace as yet. This is because market sentiment continues to be weighed down by inflationary concerns and rising interest rates, compounded by geopolitical tensions caused by the ongoing conflict between Russia and Ukraine.
“Interestingly though, rents in London have been going up particularly at our EW-Ballymore projects due to their prime location, transport accessibility and excellent liveability. Such rental growth augurs well for an eventual price recovery which should help us to achieve better overall returns from the sale of our completed properties for the benefit of our shareholders,” he added.