KUALA LUMPUR: Eco World International Bhd and Willmott Dixon Holdings Ltd have launched EcoWorld London, bringing together two market-leading companies to deliver over 10,000 new homes across London and the South East of the United Kingdom.
The launch signals a new era for housing and reflects confidence from leading Malaysian developer EcoWorld International in the long-term potential of the UK economy.
This follows the recent completion the joint venture whereby EcoWorld International acquired a 70 per cent stake in Be Living, the residential development arm of Willmott Dixon.
EcoWorld London will be developing 12 sites in Greater London and the South East, with an estimated gross development value of over £2.6 billion, EcoWorld International said in a statement.
Through EcoWorld London, EcoWorld International will expand from its high-end projects with the Ballymore Group into the mid-market, with homes for open market sale as well as build to rent.
“London is the most important international market for the EcoWorld brand and we continue to firmly believe in the growth prospects of the residential property market here,” said EcoWorld International executive vice-chairman Tan Sri Liew Kee Sin in the statement.
“Our substantial investment in EcoWorld London signifies our long-term commitment to build a strong and sustainable business in the UK,” he added.
EcoWorld London chairman Sir Edward Lister meanwhile said that the new JV was very much needed by the city of London.
“The capital is facing a chronic housing shortage. The launch of EcoWorld London will play a significant part in alleviating this, ensuring the delivery of much needed new homes that are accessible to those on middle incomes,” he said.
“For many, London remains the de-facto capital of the globe, and it is imperative that together we provide enough housing to sustain its future. By combining the construction and middle-market expertise of Willmott Dixon with the vision and EcoWorld International’s best in class international development experience and operations, the new entity is well placed to serve the local market and the broader international audience that calls London home,” Lister added.
EcoWorld International currentlyhas six ongoing projects in the UK and two in Australia with a total gross development value of RM16 billion.
Founded in 1852, Willmott Dixon is a privately-owned contracting and interior fit-out group, which was ranked the 42nd largest private company in the UK by the 2017 Sunday Times Top Track list.
The firm generates over £1 billion a year in turnover.