Early groundwork: Liew says Eco World had been building up its customer base and momentum before launching its projects.
LONDON: Eco World Investment Co Ltd, a private vehicle controlled by Tan Sri Liew Kee Sin, has set a target to launch its three London property projects within the next two years now that “the major approvals” are in place.
The three projects – London City Island, Embassy Gardens and Wardian London – have a total gross development value (GDV) of £2.257bil (RM13.33bil).
A financing package of £1.1bil for the development of the three projects from CIMB Bank Bhd and Maybank Investment Bank Bhd had already been secured, said Eco World International executive vice-chairman Tan Sri Liew Kee Sin.
Liew said they had been building up their customer base and momentum before launching their projects.
“Most of the units are expected to be sold prior to the launches,” Liew said.
Liew was speaking to reporters after the formalising a partnership with English National Ballet, one of UK’s most treasured artistic institutions. The strong demand was reflected in London City Island Phase 2 which currently has achieved an 84% take-up rate with firm bookings of the 419 units within several weeks after its official May 30 launch.
To-date, Eco World Ballymore has recorded strong sales value for Phase 2 of about £210mil.
Eco World Ballymore is a 75:25 joint-venture company between Eco World Investment and UK-based Ballymore group, with Eco World Investment having the majority stake. Liew is also Eco World Ballymore chairman.
Meanwhile, the English National Ballet will be moving to London City Island.
English National Ballet and English National Ballet School’s decision to move to London City Island from their current space in Kensington was a testimony to the cultural vibrancy and ever-expanding arts scene of East London, Liew said.
It also speaks of the unique opportunity afforded by EcoWorld Ballymore to work with them to create a centre that combines a production space with state-of-the-art training facilities, teaching and rehearsal studios that is unrivalled in the capital.
Sean Mulryan, chairman and group chief executive of Ballymore group said: “This partnership demonstrates our deep commitment to establishing City Island as one of the most exciting new destinations in London and we are honoured that English National Ballet, a truly inspiring artistic institution, has decided to make its new permanent home there.”
The partnership with English National Ballet also saw the unveiling of a new 80m bridge which links London City Island and Canning Town.
On its other projects, Liew said the preview for the Embassy Garden project was set for next week while its official launch had been scheduled for September.
Liew said the company had expected Malaysians to make up only about 10% of buyers for its three London projects while the rest to be international buyers.
He was, therefore, surprised by the overwhelming response by Malaysians.
“Phase 2 London City Island project sales comprised 25% Malaysians who made firm bookings, another 25% were by Singaporean buyers,” said Eco World Development Bhd senior manager in international business Foo Yuk Meng.
Eco World International president and chief executive officer Datuk Teow Leong Seng said the weakening of the ringgit would not impact Eco World International as its bank borrowings are in pound sterling.
On another note, Liew said he aimed to have Eco World International listed by the first quarter of next year. The company is seeking a direct IPO market capitalisation listing on Bursa Malaysia after withdrawing its special-purpose acquisition company application.
Eco World International will then be able to share the Eco World brand with Eco World Development Group Bhd, which builds properties in Malaysia.
“We will then be able to give a familiar brand to our investors for Eco World International’s overseas project.
Kenanga Investment Bank head of equity research Sarah Lim told StarBiz that she was optimistic about Eco World International projects based on the take-up rate of London City Island so far.
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