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Wednesday, April 27, 2011

EUPE Corp sees RM30m pre-tax profit from residential project

KUALA LUMPUR: EUPE CORPORATION BHD expects pre-tax profit of more than RM30 million from a residential property project with a gross development value (GDV) in excess of RM130 million.

EUPE said on Wednesday, April 27 its unit EUPE Kemajuan Sdn.Bhd was buying 17.15 acres of land in Petaling district for RM37.35 million from Desaminium Jaya Sdn Bhd.

“The land is purchased for the purpose of residential development targeting about 150 units of terrace and semi detached homes with a GDV in excess of RM130 million and profit before tax estimated above RM30.0 million.

“The development is targeted to start in the second half of 2011 and will be completed within 3 years. The details of the development and layout plans are in the midst of being prepared and will be submitted to the relevant authorities for approval in due course,” it said.

EUPE said the land was in the process of being surrendered and realienated as 99 years leasehold land with separate title to be issued for the Phase 1C which was being purchased. This formed a condition preceding for the completion of the sales and purchase agreement.

EUPE said the proposed acquisition was in line with the group's core business competencies and would be a significant step to ensure future sustainable growth for the group.

The directors of Desaminium Jaya are Tan Tiang Ee (managing director), Datuk Tan Tiang Kwong, Tan Nai Loon, Tan Taing Jok, Tan Tiang Kee, Tan Yuk Ching and Tan Siew Ling

By The EDGE Malaysia

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