KUALA LUMPUR (Dec 13): Eco World International Bhd (EWI) is aiming to acquire land in London to build an additional 5,000 built-to-rent (BtR) homes over the next five years.

This comes on top of 12 existing sites in London with the potential to deliver some 4,000 units, explained EWI chief executive officer Datuk Teow Leong Seng.

EWI recently signed a £389 million (RM2.1 billion) heads of terms with US-based Invesco Real Estate to build 1,084 BtR units. In total, it targets to build at least 10,000 units in the UK over the next five years.

"We want to grow the UK's BtR market from a million-dollar one (currently) to a billion-dollar one," said EWI chairman Tan Sri Liew Kee Sin at a media briefing today.

Liew added that the group is already in serious discussions with other pension and wealth funds to acquire more BtR developments.

On the risks surrounding the developments, he said, "We will not build (the BtR developments) until we find an investor to buy in."

In total, Malaysia-based Eco World Development Group Bhd (EcoWorld) aims to achieve RM12 billion in sales by 2020 from both its Malaysian and international operations on a targeted 50:50 basis.

The Malaysian company will, in January 2019, be launching the Home Ownership Programmes with EcoWorld (HOPE) targeted at increasing purchases by home occupiers across all its local developments.

EcoWorld CEO Datuk Chang Kim Wah said HOPE would be targeted at young home buyers who are interested in technologically advanced homes.