E&O to launch properties with estimated RM1.63b GDV in Penang

• The planned launches consist of The Lume, a 261-unit residential condominium with a GDV of RM689 million, Marina, a serviced apartment project with an estimated GDV of over RM600 million and phase two of Senna and Fera, a 68-unit landed home project with an estimated GDV of nearly RM300 million, its managing director Kok Tuck Cheong told a press conference after the company’s 4QFY2024 result briefing on Tuesday.

KUALA LUMPUR (May 28): In view of the healthy take-up rate of its properties in Penang, Eastern & Oriental Bhd (KL:E&O) plans to launch three new projects in the state with an estimated gross development value (GDV) of RM1.63 billion in 2024 and 2025.

The planned launches consist of The Lume, a 261-unit residential condominium with a GDV of RM689 million, Marina, a serviced apartment project with an estimated GDV of over RM600 million and phase two of Senna and Fera, a 68-unit landed home project with an estimated GDV of nearly RM300 million, its managing director Kok Tuck Cheong told a press conference after the company’s 4QFY2024 result briefing on Tuesday.

The take-up rate for phase one of Senna and Fera’s has reached 90% since its launch in 2024, Kok noted.

As at end-March 2024, E&O has achieved property sales of RM870.6 million and unbilled sales of RM1.35 billion, which will provide earnings visibility until FY2026.

E&O closed its full year ended March 31, 2024 (FY2024) with net profit tripling to RM133.61 million — representing a nine-year high since FY2015, when it recorded a net profit of RM152.08 million — from RM44.54 million a year before, partly driven by recognition of forex gain amounting to RM52.4 million.

Annual revenue grew 33% to RM422.83 million from RM318.07 million.

For the fourth quarter ended March 31, its net profit more than doubled to RM36.48 million as quarterly revenue increased 85.8% to RM121.33 million, from RM65.3 million a year before.

E&O’s share price fell three sen to RM1.01 on Tuesday, bringing the group a market capitalisation of RM2.07 billion.

Year to date, the stock has gained 81%.

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