Ewein Unit Buying Penang Seafront Land At Bandar Tanjung Pinang & Gurney Drive

GEORGE TOWN: Penang-based Ewein Berhad announced today that its subsidiary, Ewein Zenith Sdn Bhd has been granted the sole exclusive rights by Consortium Zenith Sdn Bhd BUCG (CZBUCG) to purchase three parcels of land measuring some 20.2 hectares or 2,178,000 square feet of land located at Bandar Tanjong Pinang for RM2.83 billion here.

The company said in a statement that the land has been slated for the development of its RM13.89 billion `Wellness City of Dreams’ project.

KAF Investment Bank Berhad has been appointed as Advisor for the establishment of a Penang Real Estate Development Fund (PREDF) to fund the development.

A filing with Bursa Malaysia showed that Ewein Zenith and CZBUCG had signed a memorandum of agreement (MOA) for the said exercise to grant Ewein Zenith the right to acquire the said land free from all encumbrances and with vacant possession.

“According to the MOA, Ewein Zenith shall only pay a sum of RM14.157 million which shall be allowed to be utilised as earnest deposit, which shall form part of the aggregate purchase price of the land when the land is purchased pursuant to the signing of the respective sales and purchase agreements.

“The balance is expected to be fully funded by the PREDF, which is expected to comprise both local and foreign funds,” Ewein Bhd said in a statement.

The signing of the MOA was reportedly held last night at a closed-door event and signed by Ewein Zenith deputy chairman Datuk Ewe Swee Kheng and CZBUCG chairman Datuk Zarul Ahmad Mohd Zulkifli.

Ewein Bhd said the signing was witnessed by Chief Minister Lim Guan Eng and Chinese Consul-General of Penang Wu Jun.


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