E&O to launch second serviced apartment Arica in Penang’s Andaman island

• Arica is a 380-unit freehold serviced apartment development, offering unit built-ups ranging from 947 sq ft to 1,259 sq ft and priced from RM800,000.
• The project has a gross development value of RM400 million and is slated for completion in 2027.

KUALA LUMPUR (March 10): Eastern & Oriental Bhd (E&O) is set to launch the second project on its 760-acre Andaman island master plan in Penang, following the success of the first residential launch — The Meg.

Arica is a 380-unit freehold serviced apartment development, offering unit built-ups ranging from 947 sq ft to 1,259 sq ft and priced from RM800,000. The project has a gross development value of RM400 million and is slated for completion in 2027. E&O is looking to officially launch the project by end of the first quarter.

“Arica is not only strategically located within the exciting commercial precinct of Gurney Green, it is actually sited right next door to The Meg. With aesthetically aligned architectural language between The Meg and Arica, the two developments complement each other in more ways than one; the most meaningful being the retail conveniences of Temu at The Meg, being able to serve the needs of Arica residents as well,” said E&O group director of projects and property investments Emily Teh in a press statement on Friday (March 10).

The Andaman island masterplan will also offer over 90 acres of land dedicated to parks, playgrounds and public spaces.

Launched in 2021, The Meg comprises 1,020 serviced apartment units over two towers and offers unit built-ups ranging from 567 sq ft to 897 sq ft. “We are truly encouraged by the support we received for The Meg, despite the uncertainties surrounding the pandemic at that time, which we humbly attribute to our track record in Seri Tanjung Pinang over the last 20 years,” Teh said.