KUALA LUMPUR: Eastern and Oriental Bhd (E&O) launched its sales gallery for its latest project, a joint venture development with Japan-based real estate developer Mitsui Fudosan Co Ltd dubbed The Mews on Jan 20.
Currently, 70% of the project has been taken up with 10% of the buyers from Japan.
The Mews offers 256 units with built-ups between 922 sq ft and 2,619 sq ft priced at RM1,700 psf. It offers two 38-storey serviced apartment towers on 1.29 acres (0.52ha) of freehold land in Jalan Yap Kwan Seng.
It commands a gross development value of RM400 million. The sales gallery features three show units with built-ups of between 923 sq ft and 1,459 sq ft.
The development is a 51:49 joint venture project in favour of E&O. Amenities include a gymnasium, squash court, swimming pool, spa pool, pond, residents lounge, children’s pool, children’s playground, function room and herb garden. It also offers 24-hour security and concierge services. Completion is expected within the third quarter of 2017 (3Q17).
According to Eric Chan, deputy managing director of E&O, property has to be seen from a long-term perspective. He feels the prospects for property development in the country are still good at this time.
“Malaysia still has a lot to offer in the region,” he said.
Ryosuke Uematsu, general manager of Mitsui Fudosan’s overseas department, said Malaysia’s economy is stable with good growth opportunities and potential for development.
The launch was performed by Uematsu and Chan along with Lyn Chai, director of E&O’s group corporate strategy and Tomoo Nakamura, executive director and head of Mitsui Fudosan’s residential team. All four took part in the kagami biraki or sake barrel ceremony that required them to break open the sake barrel.
Meanwhile, E&O is expected to launch its latest development in Johor, Avira, in 1Q14. Chan said further details will be announced soon.
E&O is a luxury lifestyle developer listed on the Main Market of Bursa Malaysia. It has a proven track record with a series of exclusive addresses in Kuala Lumpur and Penang. Its projects include Dua Residency condominium in KL city centre, Idamansara and Seventy Damansara in Bukit Damansara, and Seri Tanjung Pinang in Penang.
This article first appeared in The Edge Financial Daily, on January 24, 2014.
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