PENANG: Tower B of The Tamarind executive apartments by Eastern & Oriental Bhd (E&O) has received an encouraging response from buyers with 60% of the units having been taken up within two weeks of its launch in early December.
E&O marketing and sales general manager (Penang), Christina Lau, said The Tamarind has attracted a large number of Penangites as well as a sizeable number of buyers from the northern states. It has also attracted Malaysians from other parts of the country and foreigner buyers.
“Judging from the promising response, we expect to close more deals in the next few weeks,” Lau said in a press statement.
The Tamarind Tower B houses 552 condominium units of between 1,047 sq ft and 1,772 sq ft in built-up area. The average selling price is RM765 psf, and prices start at RM757,000 for a unit.
“The Tamarind attracts a good mix of owner-occupiers and investors, with strong interest registered among young executives and families,” Lau said.
This 6.9-acre freehold high-rise development has an estimated gross development value of RM900 million. It comprises two blocks of 33-storey buildings with a total of 1,104 units of a 3-bedroom design. The smallest unit has a built-up area of 1,047 sq ft. The Tamarind Tower B is expected to be completed in 2019.
The Tamarind Tower A, which was launched in June 2015, is 95% sold. The average selling price for Tower A is RM725 psf.
The Tamarind’s facilities include a private, one-acre waterscaped beach, free-form swimming and wading pools, jogging track, gym and yoga centre, multipurpose hall and playground.
It is located close to the Straits Quay retail marina, Tesco hypermarket, Straits Quay Convention Centre, Straits Green Public Park, Penang Performing Arts Centre and a 1.6km seafront promenade.
Commenting on market conditions, Lau noted the long-term nature of property investment and that soft market conditions may present an opportune time to buy properties.
“We believe that demand remains in niche locations and for projects by developers offering strong concept, branding and delivery,” she said.
This story was first published in The Edge Property pullout, Dec 18, 2015, that appears every Friday with The Edge Financial Daily. Tap here to download your personal copy of The Edge Property pullout for free.
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