E&O to launch RM205 mil worth of properties in the next three months

KUALA LUMPUR (Nov 17): Eastern & Oriental Bhd (E&O) is planning to launch an estimated RM205 million gross development value of properties within its Seri Tanjung Pinang development in Penang within the next three months.

In a statement today, the Penang developer said it will be launching Amaris Terraces By-The-Sea and Ariza Seafront terraced homes with built-up areas of 5,262 sq ft and 3,800 sq ft, respectively.

Seri Tanjung Pinang is Penang Island’s largest masterplanned seafront development. Developed over two phases, it features residential enclaves and a festive retail marina that brings to life the concept of living by the sea for the more than 20 nationalities residing there.

Amaris Terraces By-The-Sea comprises 29 superlink homes, which are planned for launch by early December. These homes will open up to sea views and have internal courtyards. Meanwhile, 32 units of terraced homes in Ariza Seafront will be launched in the first quarter of 2017.

“While the present market environment calls for us to be selective in our launches, we believe there are pockets of opportunities to be realised. The property market is cyclical and as past trends have shown, innovative products in good locations backed by an established brand and track record will continue to appeal to genuine buyers,” said E&O managing director Kok Tuck Cheong.

He said in addition to the Amaris and Ariza launches in the immediate term, imminent launches from the group before the end of 2017 include the joint-venture serviced apartment project at Jalan Conlay, Kuala Lumpur with Mitsui Fudosan and the much-anticipated maiden launch of terraced homes at the Elmina West township in Selangor.

From a medium-term perspective, Kok said E&O through its subsidiary, Tanjung Pinang Development Sdn Bhd, is focusing on the reclamation works for Phase 2A of the Seri Tanjung Pinang Phase 2 project in Penang.

The developer saw close to RM152 million of its properties sold in the first six months of its financial year ending March 31, 2017. Meanwhile, unbilled sales as at Sept 30, 2016 stood close to RM1 billion which Kok said would support the company’s performance for the next 18 to 24 months.