Ewein Bhd’s subsidiary Ewin Zenith Sdn Bhd has secured a contract for the development of “City of Dreams” project with a gross development value (GDV) of RM800mil after obtaining the advertising permit and developer licence.
The company said the proposed 110-acre development would comprise residential and commercial properties.
The proposed development is located at Bandar Tanjong Pinang next to Gurney Drive in Penang.
“The land, which was reclaimed, was given by Penang state government to Consortium Zenith BUCG Sdn Bhd as compensation for the construction of the RM6.3bil Penang Undersea Tunnel and three road bypass projects,” it noted.
Ewein Zenith is a 60% subsidiary of Ewein while the remainder 40% is owned by Consortium Zenith BUCG Sdn Bhd.
The company expects the project to have a GDV of RM25bil over the next 10 years.
Ewein deputy chairman and group managing director Datuk Ewe Swee Keng believes the project will have a gross profit of RM200mil for the joint-venture company over a four-year period.
He said the project would be launched by the second half of this year, adding that the property business would contribute more than 90% to its profit after tax for the financial year ending Dec 31, 2016. - By The Star