Ewein Bhd, a leading company in the precision sheet metal fabrication industry, expects its property development business to be the main driver of the group’s growth in the near future.
Group managing director Datuk S.K. Ewe said the group’s maiden project in Penang, City of Dreams, which would be launched in the second half of 2015, was expected to generate some RM200mil in pre-tax profit to the group over the next four years, starting from 2016.
The RM800mil, 40-storey City of Dreams comprises 572 condominium units.
“We have just received the green light from the local authorities for City of Dreams,” he said after the company’s AGM.
On March 31, 2015, Ewein Zenith Sdn Bhd received planning permission for the City of Dreams project to be developed on a 1.48 ha site in Bandar Tanjong Pinang, Tanjung Tokong.
Ewen Zenith is a joint venture company set up by Ewein and Consortium Zenith BUCG Sdn Bhd (CZ BUCG).
The land cost for the City of Dreams is RM133mil, while the development cost is expected to be more than RM400mil.
Moving forward, Ewe said the group was now negotiating to buy from CZ BUCG another parcel of about 1.8ha in Bandar Tanjong Pinang for another development project.
“Depending on market demand, it could either be a residential or a commercial scheme,” Ewe added.
The second project is expected to have a GDV of RM1bil.
Ewein specialises in manufacturing sheet metal enclosure, designing precision moulds, tools and dies, and fabricating injection moulding for finished products. Its products are exported to the United States, Brazil, China, Finland, and India. - By The Star