High-end property developer Eastern & Oriental Bhd (E&O) is well-poised to capitalise on the improved market conditions, managing director Datuk Terry Tham says.
"Our strong brand and proven track record has helped with successes achieved at our recent property launches," he said in a statement today.
E&O's new launches since June, namely the St Mary Residences in Kuala Lumpur and Seri Tanjung Pinang's seafront terraces and serviced residences, achieved at least 80 per cent take-up rates within a few weeks, he said.
He said the resounding response to these launches provided the impetus for the company to unveil the second block of St Mary Residences, Tower A, via a soft launch in Singapore and Hong Kong in August and September.
"The official launch of St Mary Residences Tower A is slotted for early next month and will be followed by the Phase One launch of the Seri Tanjung Pinang Condominiums later in the month," he said.
Tham said that with the stream of property launches lined up for the next 12 months, E&O expected its financial position to continue improving in the next quarter and in the year ahead.
This would be supported by E&O's strengthened internal position, achieved through its pre-emptive balance sheet management strategy and rebounding economic conditions, he added.
E&O registered a net profit of RM5.7 million and revenue of RM73.9 million for the first quarter of the financial year ending March 31, 2010.
Tham also said the RM200 million that the group expected to raise through a one-for-two rights issue (irredeemable convertible secured loan stocks) which is expected to be completed in November, coupled with the disposal of existing inventories and non-strategic assets would ensure that the company would be well-funded to drive the development of its upcoming launches and capitalise on opportunities. - Bernama
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Anyone been to the show room? Is is open for sale now, I heard is from 5xx psf.