PETALING JAYA: Eupe Corporation Bhd (ECB) has estimated a RM300 million gross development value from its Bangsar project, said group managing director Datuk Beh Huck Lee.
He said looking at today's market condition, he foresees that the project should be quite feasible for the group.
To recap, in a May 2024 Bursa filing, Eupe Corp said its unit Eupe Bangsar Sdn Bhd (EBSB) had entered into a sale and purchase agreement with MCL Land (Pantai View) Sdn Bhd to acquire a 2.46-acre freehold parcel at Lot 51863, Mukim Kuala Lumpur, Daerah Kuala Lumpur for RM69.18 million.
EBSB is a wholly owned subsidiary of Eupe Kemajuan Sdn Bhd (EKSB), which in turn, is ECB's subsidiary.
"The building is not that high. We should be able to complete (the project) within four years before 2030," Beh told a press conference after the company's annual general meeting here today.
The group recorded revenue and pre-tax profit of RM340.2 million and RM57.8 million, representing a respective 68 per cent and 56 per cent year-on-year rise.
In a statement, Beh said the group's current three key projects, Est8 @ Seputeh, Helix2 @ PJ South, and Villa Natura in Kedah, are close to fully sold.
It expects to launch two other projects, Circadia @ Belfield in Kuala Lumpur and Edgewater in Sungai Petani, Kedah, in 2025.
Both these projects will be the group's "biggest", the statement said.
Beh said the group's strong earnings visibility is the result of robust existing sales. Its total unbilled property sales is more than RM710 million.
Beh said ECB reported a healthy debt ratio of 0.23 times despite having to fund additional land in Edgewater in the 2024 financial year.
"The debt ratio is still very safe. All borrowings are based on historical cost. We do not revalue and refinance our existing land," Beh said.
The group reported a dividend of 2.2 sen for the 2024 financial year versus 1.5 sen in FY2023.
Beh said the group has laid the groundwork for the next stage of growth with more complex and bigger projects. It will continue to build its market profile based on innovative product differentiation and quality.