MY: Eco World buys 80% in Salcom to develop project in Melbourne

Eco World International website.

Malaysia’s Eco World International Bhd (EWI), that recently listed on Bursa Malaysia, on Monday announced that it will acquire 80 per cent stake in Australia’s Salcom Development for AUD 120,000 ($90,010) mainly to take part in a mixed development project in Melbourne, Australia.

Salcon Australia owns a parcel of prime land located in South Yarra near Melbourne’s central business district, which will be developed as Yarra One with a gross development value of $163.5 million (AUD 218 million), according to a filing by Eco World International at the stock exchange on Monday.

The development will comprise a 27-storey tower with 268 residential units complemented by a retail and office podium. Eco World Sydney development Pty Ltd, a wholly-owned subsidiary of EWI, will also be appointed as the development manager for the project thus generating a new fee-based income stream for the EWI group.

The Malaysian developer recently hit the local stock exchange in an IPO that raised about $586.2 million (MYR 2.6 billion). The company’s current portfolio of projects include London City Island, Embassy Gardens and 2 Wardian London in the United Kingdom and West Village in Parramatta, Sydney.

“Melbourne is a market which we are very familiar with and also a preferred investment destination for many of our Malaysian and regional customers. It was crowned the world’s most livable city for the sixth year running according to the Economist’s Global Livability Survey,”said Dato’ Teow Leong Seng, President and CEO of EWI, in a separate statement issued on Monday.

EWI’s existing four projects involve the development of close to 3,200 units of apartments with a total GDV of $2.92 billion (MYR12.96 billion). As at 31 January 2017, the EWI group recorded sales of $1.46 billion (MYR6.49 billion), which is approximately 50 per cent of its total GDV.

Also Read:

Eco World International forges ahead with $650m IPO, unspooked by Brexit

Singapore-listed GuocoLand keen to pick 30% in IPO-bound Eco World

Malaysia realty co Eco World gets SC okay to launch IPO, to raise $549m

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.