Penang land to keep Ewein busy for the next decade
Stephanie Jacob | 11 Jan 2019 00:30
Ewein Bhd is doubling down on its property development activities in Penang following the success of phase one of its City of Dreams (COD 1) project on the island.
The strong performance of the development has guaranteed that Ewein will hit a record year in terms of turnover and net profit since it was listed on Bursa Malaysia in 2008.
With about 20.2ha to develop over the next 10 years, the company believes the development will keep it more than busy.
The entire development has a gross development value (GDV) of about RM15 bil. Ewein, which has the first right of refusal to purchase the land, will buy it piecemeal as it becomes available.
Ewein will buy the land via its 89% owned subsidiary Ewein Zenith Sdn Bhd, which will acquire the land from Consortium Zenith Construction Sdn Bhd (CZC).
CZC is a vehicle entrusted by the Penang government to build the RM6.34 bil Penang undersea tunnel and three paired roads on the island.
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