28 September 2012

E&O - Lauch RM2.5B properties

KUALA LUMPUR: Eastern & Oriental Bhd (E&O) plans to roll out some RM2.5bil worth of properties over the next 12 to 18 months in London, KL, Penang, and Iskandar Malaysia.
"In fact, half of the targeted sales value over the next 18 months will come from Iskandar Malaysia and London," deputy managing director Eric Chan said in a statement on Thursday.
The developer said its 210-acre wellness-themed township in Medini, one of the clusters in Iskandar, is targeted to see its initial launch of terrace homes in the first half of 2013.
The land was bought for RM350mil mid-last year.
As for London, E&O said its freehold Princes House property in Westminster Borough, which was acquired in April for £20.3mil (RM100.1mil), is slated for refurbishment with potential for conversion.
The firm is also in the midst of launching RM1.2bil worth of Andaman condominiums at its flagship Seri Tanjung Pinang development in Penang.
In KL, it will reveal by the first quarter of next year a RM400mil condominium called The Mews on Jalan Yap Kwan Seng.

Source: http://biz.thestar.com.my/news/story.asp?file=/2012/9/27/business/20120927151957&sec=business

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