In a bourse filing, the group said the 54.73-acre tract was acquired from Sing Ta Nian Development Sdn Bhd, which has also signed on to be its joint venture partner in developing the land into a mixed-used development.
According to Eupe, the proposed acquisition is a strategic opportunity to expand its landbank and presence in the Northern region as well as in sustaining a healthy level of property projects in its pipeline.
"The proposed development on the First Batch Parcel or any further part of the Land pursuant to the JV Arrangement is expected to contribute positively to the Group’s future revenue stream and profitability.
"Based on the aforesaid, the Board is of the view that the proposed acquisition and the JV Arrangement provide an excellent and timely opportunity for the efficient deployment of the group’s existing financial resources in order to achieve a better return for its shareholders in the long run," it added.
In a separate filing with Bursa Malaysia, Eupe said its third quarter net profit for the financial period ended Nov 30, 2021 came to RM8.43mil, which was sharp decline from RM15.11mil in the previous corresponding quarter.
Revenue for the three-month period was RM58.6mil, a 27.43% drop from the same quarter in 2020.