E&O aiming for RM1.5 BLN sales over next three years

E&O aiming for RM1.5 BLN sales over next three years
Business & Markets 2013
Written by Bernama
Thursday, 26 September 2013 15:51

KUALA LUMPUR (Sept 26): Eastern & Oriental (E&O) Bhd is aiming to generate RM1.5 billion in sales over the next three years from its various property development projects.

Deputy Managing Director Eric Chan said at present sales were valued at about RM1 billion.

"Previously, we focused on a two-year business plan. From 2014 to 2016, we're going to focus on growth and development of our four growth engines located in Penang, Iskandar Malaysia, Kuala Lumpur/Klang Valley and in London.

"Going forward, we expect sales to reach RM3 billion beyond 2017 given E&O's current strong financial position and concrete roadmap for the future," he told reporters after the company's annual general meeting today.

Chan said the Seri Tanjung Pinang property development in Penang was almost complete with the launch of the final block of the Andaman condominium, Marina office and serviced apartments, and, super terrace houses.

Another boost would come from the development of 208 terrace houses in Iskandar Malaysia in the next quarter.

In the Klang Valley, the company was also positive its newly-launched 'The Mews' serviced apartments, which was already 70 per cent taken up, was on track for completion in four years.

The project, a joint venture with Japan-based Mitsui Fudosan Residential Co Ltd, is expected to attract Japanese buyers, said Chan.