E&O to build projects worth RM1.5 bln in next 2 years

KUALA LUMPUR: Eastern & Oriental Bhd ( E& O) is planning to build RM1.5 billion worth of projects over the next two years.

Managing director Kok Tuck Cheong said the projects comprise The Conlay located in Kuala Lumpur with a gross development value (GDV) of RM896 million and The Peak (GDV RM278 million) in Damansara Heights.

Another proposed project is Plot 13A located at the Gurney Green Park in Penang with a GDV of RM350 million.

“The Conlay is our second highrise development joint-venture project with Mitsui Fudosan, a residential apartment with a unique and iconic design that will stand out in the Kuala Lumpur City Centre ( KLCC) area,” he told reporters in a press conference after the company’s 91st annual general meeting yesterday.

Kok said the company is also

The Conlay is our second high-rise development joint-venture project with Mitsui Fudosan, a residential apartment with a unique and iconic design that will stand out in the Kuala Lumpur City Centre (KLCC) area. Kok Tuck Cheong, E&O managing director

targeting RM400 million in new sales in its 2019 financial year largely from its existing properties at Quayside, Penang.

On outlook, Kok said the company’s resources in the next financial year will be channelled towards the maiden Seri Tanjung Pinang (STP) 2 launch slated in 2019.

The reclamation of STP2A (the first phase of the reclamation), which has obtained its titles for all land, is currently progressing well and is 95 per cent completed, he said.

“Although the property market remains challenging due to tight financing and external uncertainties, we are quite fortunate that our cost of building materials was cheaper back then, compared with now. Thus we could be aggressive in our pricing but we want to be more responsible to our buyers,” said Kok.

He also said that its prospects in the United Kingdom remain challenging due to the persistent Brexit uncertainties.

“At the moment, we are not planning to make any investment but will revisit the matter when the opportunity and time are right,” Kok added. — Bernama