PROPERTY NEWS: EUPE to buy land in KL worth RM125m for High-rise Residential Development

Key Takeaway:

EUPE Corp Bhd is investing RM125 million in cash for a 4.812-acre plot of property located along Jalan Damansara and Jalan Belfield within the Kampung Attap residential development off Jalan Istana here (Belfield land), with plans to develop it into a high-rise residential development.

"The proposed acquisition is consistent with the group's business expansion objective and growth strategy of accumulating new suitable land to be included in the group's landbank and scaling up its property development portfolio to generate additional streams of income for the group moving forward," EUPE said.

EUPE stated in a bourse filing on Monday that its indirect wholly-owned subsidiary EUPE Belfield Sdn Bhd (EBSB) had entered into a conditional sale and purchase agreement for the proposed transaction with Cahaya Tinggi Sdn Bhd.

"The board is now deliberating on the Belfield land development plan, and it is the board's aim to create high-rise residential development on the Belfield land after the planned acquisition is completed."

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