KUALA LUMPUR: Lifestyle property developer Eastern & Oriental Bhd (E&O) is calling for contractors to participate in a pre-qualification exercise for the reclamation of Phase 2 of Seri Tanjung Pinang (STP2) development in Tanjung Tokong, Penang, after obtaining planning permission from the Penang Town and Rural Planning Department.
In a statement yesterday, E&O said the main scope of the works will include land reclamation, soil improvement, dredging, coastal protection, marine piling, and other associated marine works.
“The closing date for the submission of the completed pre-qualification document is Dec 24, 2014,” it said.
In a filing with Bursa Malaysia yesterday, E&O said its unit Tanjung Pinang Development Sdn Bhd was granted the planning permission for land reclamation works in accordance with the approved master plan in relation to STP2.
“With the approval in hand, Tanjung Pinang Development may now commence reclamation works for STP2,” it said.
Nevertheless, the planning permission is conditional upon Tanjung Pinang Development surrendering 191.09 acres (77.33ha) of reclaimed land to the Penang government in due course.
“Out of this, 110 acres will be the net area of land available for development made up of 60 acres on the man-made island and 50 acres in Persiaran Gurney,” said E&O.
“With development now nearing completion on STP1, E&O is progressing with the planned reclamation and development of STP2,” said E&O in the statement.
Shares in E&O closed down one sen or 0.43% at RM2.32 yesterday, giving it a market capitalisation of RM2.58 billion.
This article first appeared in The Edge Financial Daily, on December 9, 2014.
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