E&O to launch RM2.5b properties in next two years

KUALA LUMPUR (Sept 27): Property developer Eastern & Oriental (E&O) Bhd plans to launch properties worth RM2.5 billion within the next 18 months, with half of targeted sales due to come from both its local and overseas ventures.

"The past year has seen E&O extending our footprint to new growth areas in Iskandar Malaysia and London. While While E&O continues to realise value and strengthen our landbanks in Penang and Kuala Lumpur, we will also be focusing on launches at our new landbanks in the coming year," said Eric Chan Kok Leong, E&O's deputy managing director in a statement after its annual general meeting (AGM) on Thursday.

"In fact, half of the targeted sales value over the next 18 months will come from Iskandar Malaysia and London," he added.

The company made its first international foray with the purchase of Princes House in Westminster, London which is estimated to be worth RM250 million after refurbishments.

In 2013, it plans to launch the first phase of its 210-acre wellness-themed development at Medini in Iskandar, Johor as well as The Mews on Yap Kwan Seng, Kuala Lumpur worth an estimated RM400 million.

Meanwhile, Lya Rahman, general manager of corporate services at the Minority Shareholder Watchdog Group told reporters that both E&O's AGM and extraordinary general meeting went on smoothly as no investors raised any contentious issues.

"It was nothing compared to last year's AGM," she said.

Last year, three major shareholders disposed of a 30% stake to plantations giant Sime Darby Bhd which sparked the ire of minority shareholders.