ECW is a Malaysian property development company with a land bank of approximately 8,318.3 acres and a gross development value (GDV) of RM85bn. It operates in the Klang Valley, Iskandar Malaysia, and Penang, encompassing 20 projects that include affordable, upgrader and luxury homes, integrated high-rise developments, and green business parks. The brand has expanded its presence into the United Kingdom and Australia through Eco World International Berhad.
ECW sold 92 acres of industrial lands at Eco Business Parks II in Iskandar Malaysia to the Haitian Group, a major industrial equipment manufacturer from China. This sale is expected to attract other industrialist to the area, which could elevate its development and consequently, value creation. The presence of foreign direct investments, like the Haitian Group, can also benefit the local community by creating more job opportunities and increase business opportunities.
In the first four months of FY2023, ECW's core residential business achieved total sales of RM548mn, with sustained interest in the upgrader products. The demand for various types of homes in multiple locations, including Eco Majestic, Eco Forest, Eco Sanctuary, Eco Ardence, Eco Grandeur, Eco Botanic 1 & 2, Eco Spring, Eco Tropics in Iskandar Malaysia and Eco Horizon in Penang, remained strong. Its solid sales were also boosted by the launch of SWNK Houze serviced apartments at Bukit Bintang City Centre and the ongoing sale of Eden Condominium units at Eco Sanctuary.
Source: BIMB Securities Research - 12 May 2023
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