Image source: seritanjungpinang.com
Eastern & Oriental Bhd (E&O) has scheduled the anticipated maiden launch of Seri Tanjung Pinang Phase 2A (STP2A) on Penang Island, off Tanjung Tokong, for the end of 2020. According to Managing Director Kok Tuck Cheong, the reclamation of STP2A was completed in November.
Kok has also announced that E&O is currently finalising the masterplan design for STP2A, which will incorporate many bold and game-changing components. These components will anchor STP2A as the truly unique and destination of choice to live, play and work in Penang.
In a statement last week, Kok said that, “The completion of reclamation of STP2A in November 2019 marks a significant milestone for the group’s next growth trajectory. Our resources are focused on the creation of a new prime seafront address, building further on the success we achieved in STP1.”
Seri Tanjung Pinang will be developed in 2 phases. It is the first of its kind in Penang, and is the perfect seafront master-planned project. Seri Tanjung Pinang showcases the history of Penang, alongside luxurious residential enclaves and retail promenades.
STP2A is anticipated to be completed over the next 15 years, and carry a Gross Development Value (GDV) of RM17 billion.
Reporting a loss of RM10.7 billion for the first half of 2019 ending 30 September 2019 as compared to pre-tax profit of RM32.5 million for first half ended 30 September 2018, Kok said the earnings of E&O was affected by unrealised foreign exchange loss. The loss amounted to RM16.3 million, as compared to unrealised foreign exchange gain of RM0.2 million in the previous financial period.
As such, the total revenue recorded for the period was RM271.4 million as compared to RM379.4 million recorded for the previous financial period.
Nevertheless, Kok says that E&O will continue to focus on inventory reduction despite the muted property market. To that end, they have managed to sell RM181.9 million worth of properties in 1H2020.
"This is a strong indication that our projects continue to command a market premium and appeal to astute investors. We anticipate continued demand for properties in strategic locations backed by a reputable brand name. As such, we recently unveiled Conlay serviced residences centrally located in Kuala Lumpur City Centre and across from the Conlay Station Integrated Development. This is our second joint venture residential development with Mitsui Fudosan Group widely regarded as Japan’s largest real estate developer and is designed by renowned Kerry Hill Architects," said Kok.
Kok further added that E&O strongly believes the strong fundamentals of Conlay; fine craftsmanship, a choice location and the partnership of two leading brand names make for a prime investment choice.
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(5 December 2019)