Affin Hwang Capital Research said the long-term prospects for E&O remains good with the scheduled completion of 253-acre Seri Tanjung Pinang Phase 2A (STP2A) by September 2019.
KUALA LUMPUR: Eastern & Oriental Bhd
(E&O Bhd) targets to achieve RM400mil sales for the financial year ending March 31, 2019, to be derived from the remaining sale of inventory amounting to RM324mil and Seri Tanjung Pinang 2A (STP2A) projects.
Additionally, E&O intends to launch a total of RM1.5bil worth of projects over the next two years.
Two E&O-signature developments in Kuala Lumpur are projected to be launched in 2018 to 2018, namely high-rise joint development venture with Mitsui Fudosan known as The Conlay, which has a gross development value (GDV) of RM896mil, as well as The Peak in Damansara Heights with a GDV of RM278mil.
Speaking after the group’s annual general meeting, E&O managing director Kok Tuck Cheong said STP2A reclamation works have been progressing well at 95% completion and is expected to be fully completed by year-end.
“All land titles have been obtained for STP2A from the relevant authorities.
“Concurrently, more detailed design work for STP2A are in progress, based on the parameters of the broad conceptual master plan.
“We anticipate our first launch of service apartments and neighbourhood retail space in the second half of 2019,” he said.
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