EcoFirst targets RM240mil in sales for FY19

KUALA LUMPUR, July 30 — Property development group, EcoFirst Consolidated Bhd, is targeting to chalk up RM240 million in sales for the financial year ending May 31, 2019 (FY19), up from FY18’s target of RM180 million.

Group Chief Executive Officer Datuk Tiong Kwing Hee said the main contributors to the target would be its mixed residential and retail development, Liberty@Ampang Ukay, and condominium project, Kondominium Kelab Golf Ipoh, previously known as Upper East @ Tiger Lane.

“Our sales achieved in FY18 was about RM181 million, almost close to what we targeted,” he told a press conference on EcoFirst’s FY18 performance here today.

As at June 2018, Tiong said the company had sold 95 per cent of Liberty project, which contributed RM158 million to FY18’s results.

“We expect the income from the remaining five per cent (unsold units) of Liberty and about 13 per cent of Kondominium Kelab Golf to add to FY19’s revenue,” he added.

To date, 41 per cent of the Liberty project has been completed and the remaining 59 per cent was expected to be handed over to buyers in November 2019.

Meanwhile, Tiong said shareholders could expect a dividend payout as soon as in the next six months after FY18’s bullish performance.

He said a committee would be formed to decide on a dividend policy and determine the payout to be based on annual profit.

“Once we have all the details in place, we will have a dividend policy for the long-term.

“I think the shareholders can expect some dividends from us in the very near future, which can be as soon as next the six months,” Tiong said.

On the impact expected from the implementation of the Sales and Services Tax on Sept 1, he said the company would wait for further details from the government before commenting.

Meanwhile, Tiong said the EcoFirst hoped to acquire more prime land in the Klang Valley and explore joint-venture opportunities for FY19.

“Currently, we have 35.21 hectares of land, where over 2.43 hectares have been developed,” he said.

On the property sector’s outlook, Tiong said overall sentiment remained challenging due to buyers being unable to secure end-financing.

However, he remained optimistic of the company’s outlook based on the 95 per cent sales clinched for the Liberty project. — Bernama

Publication: Malay Mail Online

Channel: Online

Language: English

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