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KUALA LUMPUR, May 23 (Bernama) -- EUPE Corporation Bhd through its indirect wholly-owned subsidiary, EUPE Belfield Sdn Bhd (EBSB), has entered into a conditional agreement to buy a parcel of leasehold land measuring 1.95 hectares in Kuala Lumpur from Cahaya Tinggi Sdn Bhd for RM125 million.
In a filing with Bursa Malaysia, the Kedah-based property developer said it planned to undertake a high-rise residential development on the land, which is located along Jalan Damansara and Jalan Belfield within the residential development of Kampung Attap.
“The proposed acquisition is in line with the group’s business expansion objective and growth strategy in accumulating new suitable land to be included in the group’s landbank and to scale up its property development portfolio to generate additional stream of income for the group moving forward,” it said.
However, EUPE Corp said it is still unable to affirm the details of the said development at this juncture, which include, amongst others, the timeframe for completion, development costs and eventual funding requirements as such plan is still at the preliminary stage.
Nevertheless, it said the board is optimistic that the proposed acquisition represented an opportunity for the company to own the entire interests of land in a strategic location with strong growth potential to enhance the gross development value of the company’s development projects, which is expected to provide greater sustainability for its future earnings
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