SHAH ALAM (March 24): Eco World Development Group Bhd (EcoWorld) is on track to achieve its RM4 billion sales target for the financial year ending Oct 31, 2016 (FY16).

Its president and chief executive officer Datuk Chang Khim Wah said the company is confident of meeting the target despite the fact that the first four months of the year saw total sales of only RM607.8 million.

"First quarter is usually the weaker one because of festivals like Christmas and Chinese New Year. We believe it will pick up in the remaining quarters," he said, adding that the sales target for FY17 was RM4.5 billion.

Chang said Klang Valley projects accounted for 60% of the sales in the first four months, followed by Iskandar region (30%) and Penang (10%).

Chang was speaking to reporters after the company's annual general meeting as well as the extraordinary general meeting, where shareholders approved the proposed acquisition of 2,198.4 acres of leasehold land in Ijok, Kuala Selangor, for RM1.18 billion.