Eupe Corp buys RM69m plot in KL for residential high-rise

• Eupe Corp, which is planning to finance the consideration through internal funds and borrowings, said the proposed acquisition aligns with the group’s expansion objective and growth strategy by adding suitable land to its land bank, and expanding its property development portfolio to increase income.

KUALA LUMPUR (May 15): Kedah-based property developer Eupe Corp Bhd (KL:EUPE) is acquiring a 2.46-acre (one-hectare) freehold land here for RM69.18 million, on which it will develop a high-rise residential project.

In a bourse filing on Wednesday, the group said its indirect wholly owned subsidiary Eupe Bangsar Sdn Bhd had inked a sale and purchase agreement with MCL Land (Pantai View) Sdn Bhd for the proposed acquisition.

It did not specify the location of the plot, only saying it is on Lot 51863, Mukim Kuala Lumpur, Daerah Kuala Lumpur.

Eupe Corp, which is planning to finance the consideration through internal funds and borrowings, said the proposed acquisition aligns with the group’s expansion objective and growth strategy by adding suitable land to its land bank, and expanding its property development portfolio to increase income.

The group expects the proposed high-rise residential development on the land to contribute positively to its future revenue stream and profitability.

"The board believes that the proposed acquisition offers an opportunity for efficient utilisation of the group’s existing financial resources to achieve better returns for its shareholders in the long run," the group stated.

Shares in Eupe Corp settled one sen or 0.67% lower at RM1.49 on Wednesday, with the group having a market capitalisation of RM219.33 million.

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