EcoWorld unveils duduk brand and plans for 2H2020
Eco World Development Group Bhd (EcoWorld) president and CEO Datuk Chang Khim Wah, executive director Liew Tian Xiong and team are in good spirits during a Zoom meeting withCity and Countryone Thursday morning.
“We do our best to stay upbeat and make the most of the situation. Granted, most of us are homebound [during the different stages of the Movement Control Order (MCO)], but we remain active and continue with our plans the best we can,” says Chang as he gives information on the group’s upcoming launches in 2H2020.
Amid the Covid-19 pandemic, the group will be prudent and will launch products that cater mainly for the M40 group.
“In 2H2020, our launches will include high-rises under the new duduk brand called Huni D’ Eco Ardence and Se.Ruang D’ Eco Sanctuary, the 200-acre Eco Botanic II in Iskandar Malaysia, Johor [situated next to Eco Botanic township], and landed homes Co-Home at Eco Grandeur in Puncak Alam,” says Chang.
As at January 2020, the group had a cumulative sold gross development value (GDV) of RM19 billion (since FY2014), with a remaining GDV of RM68 billion and a remaining land bank of 4,376 acres. To date, EcoWorld has a presence in the Klang Valley, Iskandar Malaysia and Penang with 20 projects in total comprising a range of products that include affordable, upgrader and luxury homes, integrated high-rise developments and green business parks. Through Eco World International Bhd (EcoWorld International), the brand has also extended its reach to the UK and Australia.
“We are fortunate in that our future revenue position remained high at RM4.69 billion as at Jan 31, 2020, which will help sustain our cash flow and earnings pipeline during this period. We recorded RM305 million in sales in 1Q2020, which is an improvement over the RM230 million sales achieved in the first four months of FY2019,” says Chang.
“In view of the nation’s ongoing concerted war to contain the Covid-19 spread, which required all Malaysians to stay at home [throughout MCO], we have set an interim full-year sales target for FY2020 of RM2 billion.
“The sales target will be revisited as soon as the Covid-19 outbreak is contained and business activities normalise. This is with a view to increasing the target to ensure that the group’s future revenue position remains consistently strong.”
In response to the Covid-19 crisis and MCO, EcoWorld has activated its business continuity plans to enable its staff to work from home and follow up with customers, end-financiers and solicitors during the restricted movement period, according to Chang.
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