Wading Pool
PETALING JAYA: Kedah-based developer Eupe Corp Bhd
(ECB), which is currently building the new skyscraper Novum in Bangsar South, Kuala Lumpur, has acquired a RM32.31mil leasehold land in Cheras for residential development.
In a filing with the stock exchange, the developer said its unit Eupe Kemajuan Sdn Bhd had inked a sale and purchase agreement with Kuala Lumpur City Hall via its 70% owned subsidiary Titian Sama Sdn Bhd to build a high-rise condominium with 361 units on the 2.67-acre land, located about 5km from Kuala Lumpur city centre.
ECB has obtained the approval from relevant authorities to convert the category of land use from ‘Asrama Bujang’ to building land, sited between Menara PGRM and D’Alamanda Condominium, across Jalan Pudu Perdana.
It also accessible via Cheras-Kajang Highway, Smart tunnel, Maju Expressway and Kesas Highway.
According to ECB, the sale was arrived on a ‘willing-buyer willing seller’ basis, after taking into consideration the market value of properties in the area. It would use cash from internal funds and/or borrowings to buy the land.
“Apart from contributing positively to our future earnings, this is part of the company’s on-going efforts to diversify its business outside of Kedah as well as to seek relevant investments that could bring recurring income in the future,” said ECB, adding that this would mark ECB’s second foray into the Klang Valley.
However, the development cost and profits were subject to various factors including timing, demand, economic climate, the actual numbers of units to be built and its pricing, it pointed out, adding that other related factors could only be determined at a later stage.
Once vacant possession of the land was obtained, only then ECB could start project works, it said.
The proposed acquisition will not have any effect on the issued and paid-up share capital of ECB nor its substantial shareholders’ shareholdings in the company.
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