E&O to firm up Elmina West details by March

  • Business
  • Thursday, 26 Sep 2013

KUALA LUMPUR: The gross development value, purchase price and other details for Eastern & Oriental Bhd's (E&O) proposed Elmina West project will only be firmed up once a sales and purchase agreement is signed, said deputy managing director Eric Chan.

"It is too early for us to make any comments," he told reporters on Thursday after a shareholders' meeting.

E&O yesterday inked a non-binding memorandum of agreement with its 32% shareholder Sime Darby Bhd to acquire some 135 acres of land in the 5,000 acre City of Elmina, which belongs to Sime Darby.

Both parties had said they aimed to sign a concrete deal before next March.

While further details were not available, E&O plans to develop the land into a wellness themed commercial and residential project, its second such concept after Avira in Johor's Iskandar Malaysia.

The freehold land under negotiations forms part of the 843 acres in Sungai Buloh which is a component of Sime Darby's Elmina West estate.

The entire City of Elmina, to be developed over 10-15 years, has a projected value of RM21bil.

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