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Eco World expects stable Iskandar sales despite oversupply

DESPITE recent negative sentiment about the oversupply of residential units in Iskandar Malaysia, Malaysian property developer Eco World Development Group Berhad expects sales revenue from its Iskandar projects this year to remain at levels similar to last year's.

The group, which has three residential developments and three business parks there, recorded RM1.8 billion (S$667 million) in sales from Iskandar in 2014, said chairman Liew Kee Sin on the sidelines of the official opening of its first international gallery in Singapore on Friday.

Similarly, Malaysia's High Commissioner to Singapore Husni Zai Yaacob emphasised that the property market in Iskandar remains "stable and attractive" due to strong fundamentals.

The slowdown is only temporary and was due to government cooling measures, the recent implementation of Goods and Services Tax, and tighter lending conditions by banks, Mr Husni said.

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Located on St Martin's Drive, the EcoWorld Gallery @ Singapore showcases the group's projects in Malaysia and other countries. Currently, Eco World has 15 projects in Malaysia. Through its associates, it will also launch its first project in London by end-May and another in Sydney before the end of the year.