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Saturday, October 4, 2008

More projects from E&O

KUALA LUMPUR: Eastern & Oriental Bhd (E&O) is planning to launch properties worth over RM2bil in gross development value (GDV) during its current financial year ending March 31.

Scheduled for launch were the St Mary’s serviced apartments in Kuala Lumpur and the first phase of the Seri Tanjung Pinang condominiums in Penang, said executive director Eric Chan.

“Each project has a GDV of over RM1bil,” he said after the company AGM and EGM yesterday.

“We will be evaluating the property market and will decide when the time is right to launch. But it will be within this financial year.”

The St Mary’s development is located in Kuala Lumpur’s central business district, at the corner of Jalan Tengah and Jalan P. Ramlee.

It will comprise three blocks of 28-storey luxury apartments on 4.13 acres of freehold land while the Seri Tanjung Pinang condominium development is located on 21 acres of freehold land.

E&O’s core businesses are in property development, property investment as well as hospitality and lifestyle projects.

The property development division currently contributed about 90% to group revenue, according to Chan.

“Within the next five years, we want to increase the contribution from our property investment, and hospitality and lifestyle divisions to about 20% each, with our property development contributing about 60%,” he said.

According to its annual report, E&O has a total landbank of 1,687 acres, located in the Klang Valley and Penang.

Chan said the group was looking to acquire more land for future projects.

“We are always looking for new locations, especially within the Klang Valley and Penang because that is where our brand is,” he said, adding that the group was also looking to expand its presence overseas.

“We hope to take our brand regional,” Chan said. “When the right opportunity arises we will do so but at the moment we are not present in any other country.”

By The Star

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