PENANG (March 24): Eastern and Oriental Bhd (E&O) launched its final batch of landed residential properties at Seri Tanjung Pinang 1 here, yesterday.
The final release comprises just 35 units of terraced houses in the second phase of Ariza Seafront Terraces.
The 2.5-storey freehold terraced houses have built-ups ranging from 3,236 sq ft to 3,526 sq ft, with prices starting from RM2.19 million. Phase one comprising 33 units was launched in 2009 and fully sold.
The latest homes are targeted at those who are looking for an upgrade or for investment purposes, E&O senior general manager for group marketing and sales Wayne Wong told TheEdgeProperty.com.
Wong added that the estimated total gross development value of these homes is RM90 million and the completion of the project is slated for March 2019.
Seri Tanjung Pinang is Penang Island’s largest master planned seafront project. Developed over two phases, it features residential enclaves and a festive retail marina that bring to life the concept of living by the sea for the more than 20 nationalities residing there.
“Ariza Courtyard Terraces was the maiden launch at Seri Tanjung Pinang in 2005. In the subsequent 12 years, the success of our homes here was evident, with residents enjoying the maturing landscape of linear gardens in place of standard back lanes that were typical of link homes.
“E&O paid homage to the rich architectural history of Penang, by drawing inspiration from the Straits eclectic style building façades, as well as the incorporation of high ceilings and internal courtyards suited for our tropical climate,” said Wong.
Last December, the group launched Amaris Terraces By-The-Sea terraced houses which has achieved 65% take-up to date.
“Standard units are available from RM3.68 million. The spaciousness of these 3-storey freehold homes and the inclusion of an elevator are ideal to accommodate ‘multi-generational’ living. The total built-up areas are almost the size of Seri Tanjung Pinang’s super semi-dees and villas, ranging from 5,262 sq ft for intermediate units to 6,540 sq ft for corner units — a rare offering especially when landed homes with a prime seafront location are becoming a luxury around the world,” said Wong.
All Amaris units have central courtyards to enhance air circulation from their sea-fronting orientation and to welcome natural light.
“These linear lawns have proved very popular in terms of aesthetic appeal as they allow residents to enjoy the gardens safely and conveniently,” Wong added.
Despite the market slowdown, Wong is confident that there is still demand for innovative products offering distinctive concepts, branding and delivery as well as those in niche locations.
“Of late, Malaysians residing overseas as well as savvy investors from Singapore and Hong Kong have shown interest in E&O’s properties in Penang, underscoring the sentiment that it is time to invest in our market,” said Wong.
“Our track record at Seri Tanjung Pinang is clearly visible to all, having in a decade, become a highly desired address on Penang Island,” Wong pointed out.
This story first appeared in TheEdgeProperty.com pullout on March 24, 2017. Download TheEdgeProperty.com pullout here for free.