Encorp Bhd plans to develop a RM209 million project in Batu Feringghi, Penang and is acquiring 5.76 acres of freehold land for RM15.5 million for the project.

According to the company’s statement to Bursa Malaysia, the project – to be funded by internally-generated funds and/or bank borrowings – is expected to begin next year and would occupy the company for between three and five years.

It said the estimated gross development cost of the project is RM159 million, while the estimated gross development profit is RM50 million.