KUALA LUMPUR (May 24): EUPE Corp Bhd is buying a 4.812-acre parcel of land located along Jalan Damansara and Jalan Belfield within the residential development of Kampung Attap, off Jalan Istana here (Belfield land) for RM125 million cash, as part of plans to develop it into a high-rise residential development.

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

In a bourse filing on Monday, EUPE said its indirect wholly-owned subsidiary EUPE Belfield Sdn Bhd (EBSB) has entered into a conditional sale and purchase agreement with Cahaya Tinggi Sdn Bhd for the proposed acquisition.

"The board is in the midst of deliberating on the development plan for the Belfield land, and it is the board's intention to undertake high-rise residential development on the Belfield land after the completion of the proposed acquisition.

"EBSB will be conducting feasibility studies to assess the risk-reward profile, prior to finalising the development plan for the Belfield land. Accordingly, the company is unable to provide further details of the development and the eventual funding required to realise such a future plan," it added.

EUPE noted that it intends to finance the purchase consideration through a combination of bank borrowings and internal funds.

Barring any unforeseen circumstances, the proposed acquisition is expected to be completed by the second half of 2022.

EUPE shares closed down 0.5 sen or 0.61% at 82 sen, with 30,100 shares done. Its market capitalisation stood at RM104.33 million.

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