• Malaysia stock market and companies daily report (September 29, 2015)

    - Property developer Eastern & Oriental (E&O) has announced that the construction of infrastructure at the 54.6 hectares freehold land in Elmina West will be carried out over the next three years.

    - According to the sales and purchase agreement, Sime Darby Elimina (SDED), from whom the firm acquired the land, will continue with the construction work on the land.

    - The group had acquired the land from SDED for RM239.8 million consists of RM192.8 million fully paid and RM47 million construction costs, of which 90 percent of the sum will be paid in equal instalments.

    Significance: The project has a baseline gross development value (GDV) of RM1.5 billion and will consists of semi-detached houses, cluster houses, double-storey linked houses, condominiums, service apartments and a wellness centre. According to the agreement, E&O would share 20% of the proceeds with Sime Darby, should the value exceed the baseline GDV.

    Contributed by Shares Investment
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