E&O JV sells 73 villas in Penang

KUALA LUMPUR: A tripartite seafront property development venture involving Eastern & Oriental Bhd (E&O), CIMB-Mapletree Management Sdn Bhd and the Al Salam Bank of Bahrain, have sold 73 villas in Seri Tanjung Pinang, Penang, with a GDV of RM260.6 million.

In a joint statement, E&O deputy managing director Eric Chan Kok Leong said the “the parties signed an agreement in 2006 to jointly-develop the villas which is the creme de la creme of properties in Seri Tanjung Pinang.”

CIMB-Mapletree CEO Raja Noorma Raja Othman said the key to the successful project was the selection of players who brought together a unique synergy of shared objectives and complementary capabilities. — Bernama