Encorp plans project in Penang

Encorp Bhd plans to develop a property project in Batu Feringghi, Penang, with a gross development value of RM209 million.

The company is acquiring 2.33ha freehold land for RM15.5 million for the development project.

"The development (of the project) is expected to commence some time in 2009 and span over a development period of approximately three to five years.

"The development cost of the property is expected to be funded by internally generated funds and/or bank borrowings," the company said in a statement to Bursa Malaysia.

Encorp also said that the estimated gross development cost for property project is RM159 million, while the estimated gross development profit would amount to RM50 million.

by Business Times

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