Visitors checking out the housing projects at the Ewein Zenith Sdn Bhd booth during the recent StarProperty.my Fair 2016 at Aman Central Mall, Alor Setar.

KUALA LUMPUR : Ewein Bhd, which is undertaking two property ventures in Penang, foresees further upside in the property market given its land scarcity and various ongoing infrastructure developments in in the state.

In a statement today, the company said this is evidenced by the substantial demand for its maiden City of Dreams venture which is located near Penang’s famed Gurney Drive.

“We are honoured to have gained strong buying interest for our first property project in Penang, Thus far, we have received 1,200 applications for the 572 units available from this project which carries a gross development value of RM800mil,” it said.

Additionally, last December, Ewein through its subsidiary Ewein Zenith II Sdn Bhd inked a sale and purchase agreement with Consortium Zenith BUCG Sdn Bhd to acquire a piece of freehold land measuring approximately 4.42 acres in Bandar Tanjong Pinang, Penang for a sum of RM162 million.

“The company is working towards duplicating its success of City of Dreams for this second parcel of land,” it said.

Ewein recently registered a net profit of RM4.69 million for the fourth quarter ended Dec 31, 2015 (4QFY15) compared to RM2.7 million a year ago.

The company's FY15 net profit rose to RM12.32mil compared to RM3.16mil a year ago. Revenue for the year nearly doubled to RM86.07mil from RM44.64mil in FY14.

In its filing to Bursa Malaysia, the company attributed the improvement in earnings to higher contribution by its property development venture which commenced during 4QFY15.

Going forward, the company said it remains optimistic that the manufacturing division will be positive and it is poised to further improve in view of the current weak currency environment for the remaining months of this year.

The company added that it expects a significant contribution from its property development segment which will be expected to drive its financial performance in the future.