PETALING JAYA (Aug 22): Eupe Corp Bhd (KL:EUPE) said on Thursday a piece of recently acquired land in Bangsar, Kuala Lumpur could yield a gross development value (GDV) of RM300 million.

Based in Kedah, the property developer is planning to launch the project in 2026 and complete within three years, Eupe managing director Datuk Beh Huck Lee told reporters after the company’s annual general meeting.

“Although the official timeline allows for four years, the completion is expected before 2030,” he said.

In May, Eupe announced the acquisition of a 2.46-acre land in Bangsar for RM69.18 million earmarked for a high-rise residential project.

Eupe owns several acres in the north and the central region, and the land bank is expected to meet development needs for the next seven to eight years without needing additional purchases, Beh said.

Upcoming launches include Circadia @ Belfield, a 4.8-acre site acquired for RM125 million in KL, and Edgewater, a 129-acre property purchased for RM93 million in Sungai Petani. Both are expected to be launched by late 2025.

Total unbilled property sales stood at over RM710 million, about 2.1 times Eupe’s revenue for the financial year ended Feb 29, 2024 (FY2024).

Net profit rose 36% to RM35.4 million in FY2024 from RM26.12 million mainly attributed to the strong sales take-up rate and progressive site works from ongoing and newly launched projects in the central region. Revenue jumped 68.4% to RM340.18 million from RM201.99 million in FY2023.

Shares of Eupe was unchanged at RM1.18 at 2.30pm, giving the company a market capitalisation of RM173 million on Bursa Malaysia.