Current project by Ewein – City of Dream

Ewein Bhd’s (Ewein) unit, Ewein Zenith II Sdn Bhd, has inked a sale and purchase agreement (SPA) with Consortium Zenith BUCG Sdn Bhd (CZBUCG) to acquire a 1.79-hectare freehold land in Section 1, Bandar Tanjong Pinang, Penang for RM162 million.

In a statement, Ewein said RM16.2 million would be deposited as refundable deposit upon the execution of the SPA.

“The whole proposed acquisition shall be financed through a combination of internally-generated funds and bank borrowings.

“The final composition of the funding will be determined by the management of Ewein Zenith II at a later stage, and this will depend on the cost of funding and cash requirements of the company’s business operations,” it said.

Ewein Zenith II is a 60 per cent-owned subsidiary of Ewein Land Sdn Bhd, which in turn is a wholly-owned subsidiary of Ewein.

The remaining 40 per cent is held by CZBUCG, a construction company that was awarded the works for major roads project and the third link (tunnel) project in Penang by the state government for RM6.3 billion.

Ewein Deputy Chairman and Group Managing Director Datuk Ewe Swee Kheng said the land was strategic for the company’s future development, and located in a matured and established prime area for residential and commercial projects.

“The proposed acquisition is expected to be completed in the first half of calendar year 2016,” he said.

The company plans to embark on a residential and commercial property development on the land.

Source: Bernama