http://www.eoprop.com/stp/images/img_overviewm07.jpg
ERI Tanjung Pinang, a proposed world-class seafront development in Tanjung Tokong, Penang, will introduce a new living experience to Penang folk, with refreshing lifestyle designs and a vibrant neighbourhood.

Designed in collaboration with world leading concept design architects – Wimberly Allison Tong & Goo (WATG) based in the US – the development will take up 980 acres when fully completed in the next 10 to15 years.

Eastern & Oriental Bhd (E & O) had paid some RM60mil to acquire a 49% stake in Tanjung Pinang Development Sdn Bhd, an associate of the UEM group, in 2003, which included the concession to reclaim and develop the 980 acres. It has since spent RM430mil more on land reclamation costs and payments to the project financier.

The masterplan of Seri Tanjung Pinang development will cover two major phases, with the ongoing phase one spanning 240 acres.

Phase two, which will showcase mostly high-end waterfront homes with berthing facilities, will take on an island concept and will be linked to phase one via two bridges.

Undertaken by E & O Property Development Bhd (E&OProp), Seri Tanjung Pinang is an comprehensive integrated development comprising bungalows, terraced and semi-detached houses, condominiums, serviced apartments, commercial and retail precincts, recreational parks, marina and sea-facing promenades. The marina-cum-commercial development will occupy 20 acres and will feature some 400,000 sq ft of retail shops and serviced apartments, 140,000 sq ft of offices and 100,000 sq ft of entertainment precinct. (The Star)

Location map & Master layout plan
http://www.eoprop.com/stp/images/img_cymasterlayout01.jpg
http://www.eoprop.com/stp/images/img_cymasterlayout02.jpg
http://www.eoprop.com/stp/images/img_cymasterlayout03.jpg
http://www.eoprop.com/stp/images/img_cymasterlayout04.jpg
http://www.eoprop.com/stp/images/img_cymasterlayout05.jpg
http://www.eoprop.com/stp/images/img_cymasterlayout06.jpg
http://www.eoprop.com/stp/images/img_cymasterlayout07.jpg

Other(from.TYW)
http://img90.imageshack.us/img90/7447/tanjungpinang119zd.jpg


Official Website
http://www.eoprop.com/stp/index.htm

More
http://www.skyscrapercity.com/showthread.php?t=94450

Nothing special architecturally, but masterplans are always fun to look at.

hope it becomes reality

it is a reality!! phase one of the reclamation is completed. most of the houses and bungalows are also completed.

here's a Google Earth pic of the area (old of course)

http://img213.imageshack.us/img213/4282/tanjungpinang4zu.jpg

and this is the courtyard terrace house (Ariza)

http://img136.imageshack.us/img136/8180/tanjungpinang14rz5.jpg

They reclaim the sea ah??

Should be la....coz Penang need land to develop...

since the pics aren't showing, i'll post some more pics

http://img153.imageshack.us/img153/1963/seritanjungpinang3ig.jpg

http://img295.imageshack.us/img295/8614/tanjungpinang131le.jpg
^^ this pic taken about 1 year ago

the 2nd phase of the reclamation will be those islands. it is expected to start soon.

2nd phase of development will be condominiums. no renderings yet though

The project quite gigantic. I luv Penang, such a nice place.

They reclaim the sea ah??

Should be la....coz Penang need land to develop...

yes! it is the largest land reclamation project in Penang.

http://img.photobucket.com/albums/v121/PabloFa/IMG_1590.jpg

http://img.photobucket.com/albums/v121/PabloFa/IMG_1591.jpg

http://img.photobucket.com/albums/v121/PabloFa/IMG_1596.jpg

http://img.photobucket.com/albums/v121/PabloFa/IMG_1610.jpg

http://img.photobucket.com/albums/v121/PabloFa/IMG_1615.jpg

http://img.photobucket.com/albums/v121/PabloFa/IMG_1616.jpg

http://img.photobucket.com/albums/v121/PabloFa/IMG_1672.jpg

http://img.photobucket.com/albums/v121/PabloFa/IMG_1674.jpg

http://img.photobucket.com/albums/v121/PabloFa/IMG_1676.jpg

Nothing special architecturally, but masterplans are always fun to look at.

i will not say it is nothing special on the architecture...in fact i find the houses in Tanjung Pinang is 1 of the most unique in Malaysia;)

new pic taken from Penang Hill
http://img267.imageshack.us/img267/2973/tanjungpinang15yz3.jpg

Bought a unit at STP recently. Can't wait for the development to be ready.

welcome to the forum, tpinkerton!!

maybe you would like check out the malaysian forums as well ;)

Nothing special architecturally, but masterplans are always fun to look at.
I agree with you. Nothing new in the architecture, except the size of the area.

maybe the architecture was designed such way to favor Penang's identity with its colonial buildings....

overall....nothing mesmerize me at all

hi pinkerton,

i am also interested in the neigbourhood but i'm also quite paranoid about two things. a) tsunami and b) the possibility the reclaimed land developing problems (eg sinking, cracks etc)

when you bought your unit, did you consider these matters? just curious :)

hi pinkerton,

i am also interested in the neigbourhood but i'm also quite paranoid about two things. a) tsunami and b) the possibility the reclaimed land developing problems (eg sinking, cracks etc)

when you bought your unit, did you consider these matters? just curious :)

hi penanglang --

don't worry about tsunami. what damage did it do to gurney drive the last time? after the first incident, there are now detectors all over the oceans... you will be warned way before the waves hit the shores. furthermore, the waves that hit penang were somewhat secondary.... we are blocked by sumatra. also this part of the island is not facing the indian sea.... instead seri tanjung pinang faces mainland butterworth. so anything that hit this part of the island will be weak.... damage will be minimal (if any).

as for reclaimed land... well i live in singapore. marina bay where the new casino will be built is on reclaimed land. new condos there... 99yr leasehold are asking almost S$3,000psf.... one of the most desirable address to live in! same with sentosa cove on sentosa island.... bungalows there on the waterfront (reclaimed land) are worth more than S$20mil per unit. 99yr too. oh by the way.... don't worry about sinking.... hv you ever heard houses on reclaimed land sink? btw, am a trained civil engineer :)

let me highlight some points why i think seri tanjung pinang will be a good place to invest:--

a) waterfront (always command a premium)

b) mid-east investors and spore's temasek hv stakes in the new seafront villas (yet to be launched)

c) tesco will be there (along the mainroad)

d) penang outer ring road

e) monorail

f) and many more.....

this is the first penang project which i find is of international std. that's why you see them daring to exhibit in singapore, hongkong and london. if you are not of a certain calibre (sorry to say this but most m'sian projects suck!), you will not dare to step into these big cities, speaking to sophisticated investors. so there you go.... good luck!

cant agree more with u pinkerton. my mum also have an eye for seri tanjung pinang unit but my sister pipped her and bought one. she also cant wait to move in. not sure which unit but i cant wait too...

for now we're comfortable living along brown road. close to gurney...

welcome to penang. may not be as big and full of hype like singapore and kl, but its own charm will forever be a plus factor for me.

c) tesco will be there (along the mainroad)

Tesco?? where did you get this info?? i think there's too many Tesco's already.

i find it very amusing that so many people are worried about tsunamis. before the tsunami hit Penang. i've never heard of anyone talking about tsunamis.

just think about this:
1) how often does an earthquake large enough to trigger a tsunami will occur?
2) how often does that strong earthquake have the right orientation to actually trigger a tsunami?
3) how often will it occur in an area that will affect Penang? (penang is not in an earthquake zone. what happened on December 26 2004 is a ricochet effect and is very rare)

so, i'll worry about my safety or whether my money is well spent rather than tsunamis that might happen again in maybe another 200000 years.

Tesco?? where did you get this info?? i think there's too many Tesco's already.


Reference No. : E&-070307-53267
Date Announced : 07 Mar, 2007
Subject : E&O PROPERTY DEVELOPMENT BERHAD (‘EOPD’ OR ‘COMPANY’) CONDITIONAL AGREEMENT TO LEASE BETWEEN E&O PROPERTY (PENANG) SDN BHD (‘EOPP’), A 70% OWNED SUBSIDIARY OF EOPD, AND TESCO STORES (MALAYSIA) SDN BHD (‘TESCO’ OR ‘LESSEE’) OF APPROXIMATELY 6.96 ACRES


1. INTRODUCTION

The Board of Directors of EOPD (‘Board'') wishes to announce that EOPP, a 70% owned subsidiary of EOPD, has entered into a conditional Agreement to Lease with Tesco on 7 March 2007 for the proposed lease of the Land together with the Building (as defined hereunder) to Tesco (‘Lease'').


2. INFORMATION ON EOPP

EOPP was incorporated on 10 August 1989 in Malaysia under the Companies Act 1965 as a private limited company under the name of Kamunting Holdings Sdn Bhd. Subsequently, on 17 November 2003, Kamunting Holdings Sdn Bhd changed its name to its present name. It is principally involved in property development. It is currently developing a mixed waterfront property development project in Pulau Pinang, namely the Seri Tanjung Pinang Project located at Tanjung Tokong, approximately 5km northwest of Georgetown . The development project involves the reclamation of 980 acres, out of which approximately 240 acres have already been reclaimed under Phase 1. Its maiden launch of residential units took place in December 2005.


3. INFORMATION ON TESCO

Tesco was incorporated in Malaysia under the Companies Act 1965 on 29 November 2001 as a private limited company. It is principally involved in the business of operating retail outlets.

4. DETAILS OF THE LEASE

4.1 Information on the Land

The Land is a leasehold land held under the document of title H.S.(D) 13097 PT 694, Bandar Tanjong Pinang Sek. 1, Daerah Timor Laut, Negeri Pulau Pinang and measuring approximately 303,162 square feet or 6.96 acres. The Land is subject to the category of land use ‘Building''. Approval has been granted by the relevant authority to convert the tenure of the Land from leasehold to freehold.

EOPP will be constructing a hypermarket building on the Land with gross built-up area measuring approximately 23,400 square metres with not less than 800 surrounding car park bays (‘Building'').


4.2 Conditions Precedent

The Agreement to Lease is conditional upon the following conditions precedent being fulfilled within twelve (12) months from the date of the Agreement to Lease or such longer period as the parties may extend by mutual consent:-
(i) The Lessee obtaining the approval of the Foreign Investment Committee for the Lease and the Ministry of Domestic Trade and Consumer Affairs for the development of a hypermarket building on the Land;
(ii) EOPP obtaining the approvals from the relevant authorities for the construction of infrastructure works and the design and construction of the Building;
(iii) The Lessee obtaining the approvals from the relevant authorities of the State of Pulau Pinang for the Lease; and
(iv) EOPP procuring the discharge of the first charge on the Land and the consent of the existing financiers.


4.3 Date of Commencement and Duration of the Lease

(i) The Lease shall commence on the third (3rd) business day from (and including) the date of the receipt by the Lessee of the certificate of fitness for occupation and on which date vacant possession of the Land and Building is delivered by EOPP to the Lessee (‘Lease Commencement Date'').

(ii) The Lease shall be for a term of twenty (20) years commencing from and including the Lease Commencement Date.


5. RATIONALE FOR THE LEASE

The Building will be constructed on the Land which forms part of Seri Tanjung Pinang, which is a major property development project for the EOPD group in Pulau Pinang.

The presence of Tesco, a prominent hypermarket operator, will enhance the value of the Seri Tanjung Pinang township.

thanks for the info, pinkerton!!

posted by travellator

Seafront development planned in Penang

By PAULINE NG
IN KUALA LUMPUR Business Times - 19 Jun 2007
http://www.businesstimes.com.sg/mnt/media/image/launched/2007-06-19/BT_IMAGES_PLPENANG19.jpg
TRANSFORMED over the years from a laidback tranquil island into a city dotted with ever-increasing high-rise condos, Penang is set for yet another transformation. A nearly 40-ha integrated seafront development project to the north-east could well turn out to be the island's new pulse when completed, its promoters say.

Sri Tanjung Pinang, Penang's biggest seafront development, will involve reclaiming not only the land on the headland along Tanjong Takong but also a cluster of man-made islands adjoining the headland linked by a series of bridges.

Developer E&O intends to build about 3,000 units comprising roughly a third of landed, condominium and low to medium-cost units over the two-phase 'multi-island and headland' development spanning 15 years.

Nearly a third of the landed units have been launched under the current Phase 1 headland development, which covers some 100-ha and whose estimated gross development value is RM2.6 billion (S$1.16 billion). About 85 per cent has already been sold.

'A lot of money has been spent on reclamation, but cost isn't something I'd like to get into,' said E&O director of marketing & sales K C Chong.

What Mr Chong did want to go into greater detail during a media familiarisation trip to the project site earlier this month was the project's potential. Malaysian real estate is still some of the region's cheapest and the exemption of real property gains tax has spurred interest.

Despite the scarcity of land in Penang - seafront developments usually sell at a premium - Sri Tanjung Pinang is still affordable, Mr Chong said.A freehold two-and-a-half storey courtyard terrace home of some 3,345 sq ft is priced from about RM800,000 onwards. Prices have appreciated since last year when they were launched at around the RM750,000 mark.

The majority of buyers are from Penang and Kuala Lumpur. Twenty per cent of purchasers are foreigners from Singapore, Scandinavia, Britain and Australia, some of whom intend to settle down in Penang under the Malaysia My Second Home programme.

Mr Chong said the open-air courtyard concept, tropical architecture and 11-ft high ceilings are attractive propositions to foreign buyers. Designed by international architects Wimberly Allison Tong & Goo, Sri Tanjung Pinang has many features which take into account the expectations of international investors.

Commercial blocks, retail precincts, schools, parks, a marina and other social amenities form the rest of Phase 1. But perhaps the greater excitement lies in Phase 2 where three to four man-made islands of 300ha would be reclaimed. The current intention is to build high-rise commercial to low-density residential units, a 5-star hotel and boutique resort, a championship golf course, marina beach clubs and seafront residences with private berths.

'The farthest house from the water stage is less than 800 metres,' observed the company's project director (planning and business development) Mohd Razeek Hussain, who walked media through the sand replacement method which was the reclamation technique used in the headland development six years ago.

E&O Property plans to submit its Phase 2 plans soon and expects regulatory approval in two years. Sri Tanjung Pinang is located not far from the famous Gurney Drive and the proposed Penang Outer Ring Road highway would run along the reclaimed headland.

since the pics aren't showing, i'll post some more pics

http://img153.imageshack.us/img153/1963/seritanjungpinang3ig.jpg

http://www.seritanjungpinang.com/stp/index.cfm?sc=50&cm=3

Seri Tanjung Pinang
Refined By The Rhythm Of The Sea

Penang Island’s largest and most exciting seafront development, creating a revitalised waterfront lifestyle for an isle fondly known as the `Pearl of the Orient’.

A headland and multi-island concept spanning 980 acres within easy sight and reach of the ever popular Gurney Drive.

A masterplan showcasing terraced, semi-detached and detached homes, condominiums and apartments, as well as commercial and retail properties, marina and seaside esplanades, landscaped parks and boulevards – Seri Tanjung Pinang is the new destination to stay, play, work and invest.

For further information about Seri Tanjung Pinang, please visit www.seritanjungpinang.com

BY

http://www.eoprop.com/eop/_repository/eop_v2/landing/landing_logo.gif

http://img32.picoodle.com/img/img32/9/8/15/f_009m_c84c2d9.jpg

http://farm2.static.flickr.com/1039/1395847049_63f8d5fb63_o.jpg

E&O seeks go-ahead for RM4b property projects
By Adeline Paul Raja
September 29 2007
BusinessTimes


The group plans to launch condominiums and landed properties in Seri Tanjung Pinang, while in the Klang Valley its major focus is a RM1 billion mixed-development project at the former St Mary's school site

THE Eastern & Oriental Bhd (E&O) group hopes to obtain approvals to launch a targeted RM4 billion worth of properties in Penang and the Klang Valley next year, its top official said.

About half the value of the properties it is keen to launch is in the Klang Valley, while the rest is at its Seri Tanjung Pinang seafront development in Penang, said group managing director Datuk Terry Tham.

"As we go along, we will look at the market conditions and take-up rates, but what we need to do is get all the necessary approvals ready for launch," he told reporters after the company's annual general meeting yesterday. Also present was executive director Eric Chan Kok Leong.

The group plans to launch some condominiums and landed properties in Seri Tanjung Pinang, while in the Klang Valley its major focus is a RM1 billion mixed-development project at the former St Mary's school site.

The project will comprise offices, hotels, service apartments and restaurants, said Tham.

The group also aims to launch a high-end condominium just behind Jalan Yap Kwan Seng in Kuala Lumpur, he said.

"The Malaysian property market is on a very bullish cycle and over the years we've accumulated very prime landbank. So this is the time to develop and reap the profits," Tham said.

The group will continue to look for prime landbank in Malaysia, especially in the Klang Valley, and will also consider doing joint venture projects overseas, he said.

"We have been shown some projects in other countries like Indonesia and Vietnam, but we've not embarked on any serious negotiations. We're still at the initial stage of studying these projects," he revealed.

The E&O group, which made a RM134 million net profit in the year ended March 31 2007, expects to do better this fiscal year, he said.

On plans for E&O to dispose of a 13.8 per cent stake in its property division E&O Property Development Bhd to raise funds, Tham said he was in no hurry to sell and will wait for an attractive offer.

Both local and foreign investors have expressed interest in the stake, he said.

E&O Property has seen a compounded annual growth rate of over 70 per cent over the last five years. Today, it is Malaysia's fifth largest property player by market value.

E&O Property lines up RM4b project launches
Saturday September 29, 2007
By SABRY TAHIR


They include RM2b schemes in Penang’s Seri Tanjung Pinang

KUALA LUMPUR: E & O Property Development Bhd has lined up a series of property launches worth a gross development value (GDV) of RM4bil starting next year.

Managing director Datuk Terry Tham Ka Hon said the projects would be located in the Klang Valley and Penang.

In Penang, it has earmarked projects with a GDV of RM2bil in Seri Tanjung Pinang. He said these would include high-end condominiums as well as landed properties.

On its upcoming projects in the Klang Valley, he said they would include the RM1bil mixed development project comprising a hotel, office building, service apartments and food and beverage outlets on 4.13 acres in Kuala Lumpur.

“We are waiting for the approval from the authorities,” he said yesterday after the AGMs of E & O Property and Eastern & Oriental Bhd (E & O).

E&O Property (formerly Kamunting Corp Bhd) would concentrate on the local property market, he said.

“Over the years, especially during the property market downturn, we have accumulated prime landbank. It is time to develop them and reap the profits,” he said.

In the first quarter ended June 30, the company’s net profit soared to RM35.49mil from RM20.35mil in the previous corresponding quarter.

Buoyed by the stronger property market, the company was expected to perform better in this financial year (FY) ending March 31, 2008, Tham said.

Net profit in FY07 doubled to RM133.61mil from RM64.8mil in FY06.

On its intention to sell E & O Property’s 13.8% stake in Putrajaya Perdana Bhd comprising 90 million shares, Tham said local and foreign fund managers had expressed interest to buy.

The company had obtained it shareholders’ approval to sell, but Tham said it was not “in a hurry” and would wait for the right price.

Tham, who is also managing director of E & O, said he expected the sale of the group’s 50.8% stake in Putrajaya Perdana to be completed by end of FY08.

He also said the group was on track to achieve its target of investing in RM1bil worth of prime assets in five years. It has to date acquired landbank worth some RM500mil.

http://img39.picoodle.com/img/img39/6/11/2/f_SeriTanjungm_664de14.jpg

The sea-fronting Seri Tanjung Pinang project in Tanjung Tokong by E & O
Property Development Bhd has sold over 80% of their properties since 2005.

Property prices in the south and southwest district of the Penang island have gone up over 20% compared to about a year ago due to the launching of high quality projects by developers from Kuala Lumpur. They have between 2004 and now announced projects worth about RM30bil to be developed on the island over the next 10 to 15 years. These developers included the Jelutong Development Sdn Bhd, E & O Property Development Bhd, Abad Naluri Sdn Bhd, CP Land Sdn Bhd, Mah Sing Bhd, and SP Setia Bhd.

Henry Butcher Malaysia (Penang) chief operating officer Lim Ewe Tatt, said some of these projects that were selling “very well” despite their prices because of their location, concept, design, and quality. Mega infrastructure projects such as the monorail, second bridge, and Penang Outer Ring Road, planned for the state under the Ninth Malaysia Plan had also helped to boost local property prices.

“The sea-fronting Seri Tanjung Pinang project in Tanjung Tokong by E & O Property Development Bhd has sold over 80% of their properties since 2005. The group has launched about 500 units of landed residential properties, priced from about RM800,000 onwards. It is now getting ready to launch new bungalows for the Seri Tanjung Pinang project at the end of the year. These bungalows are expected to be priced from RM2.8mil onwards,” he said. Lim said another project on the island, which had sold very well, was the CP Group’s Queensbay mixed-development scheme in Bayan Baru, which is in the southern part of the island.

“The CP Group has sold about 80% of the 545 units of high–rise and landed residential and commercial properties. The price for the properties ranged between RM280,000 and RM1.2mil, depending on whether the property is a high-rise or a landed unit,” he said. Lim said the properties launched by the Kuala Lumpur-based developers were targeted not just at the Penang market. “These properties are also marketed overseas and have successfully drawn much attention. Henry Butcher Malaysia (Penang), for example, has recently, in collaboration with MAS, brought in foreigners to invest in second homes on the island.”

“These overseas investors are now negotiating to purchase some RM20mil worth of properties, which are priced between RM500,000 and RM1.5mil. A substantial number of these properties that have caught the attention of foreign buyers are developed by Kuala Lumpur-based developers,” he said.

Raine & Horne (Penang) senior partner Michael Geh said Kuala Lumpur-based developers generally preferred the south and southwest districts of the island to launch their projects. “CP Landmark, SP Setia, and Mah Sing have all launched projects in the south and southwest district of the island because of the large tracts of land available for their projects.

“They require large land areas so that they can develop innovatively designed development schemes. A good example is SP Setia’s RM900mil Setia Pearl Island in Bayan Lepas located on a 112-acre site. All the homes are designed in accordance to specific themes. For example, the developer has planned for some of the homes to be surrounded by trees and flowers with an aromatic element,” he said.

“There are also homes in the Setia Pearl Island that are surrounded by shrubs or pines, spruces, and firs, covering the landscape. It is such unique concepts and designs that have boosted the sales of the project,” he added.

Geh said Mah Sing’s RM1.28bil Southbay Penang project in Batu Maung had registered some 1,500 interested buyers for the first phase of the project, scheduled for launching in early 2008.

Dream home by the sea
By Marina Emmanuel Published: 2007/10/18
BusinessTimes


A new trend has emerged in recent years, with seaside properties seen as a viable investment option by foreign and local retirees. There are
also those who have been inspired by their travels abroad into adopting this lifestyle.

WATERFRONT properties along Penang island and Seberang Prai (http://www.skyscrapercity.com/showthread.php?t=509646) are becoming more coveted as economic development spurs demand for housing and commercial assets.

Although there have been seaside homes and holiday bungalows dotting the island, notably in a northeast district, for a long time, these have been few and far between as property developers have tended to build either on hill slopes or its fringes, or in prime areas in the centre of town.

These developments have sometimes raised concerns ranging from environmental degradation to traffic congestion.

But a new trend has emerged in recent years, with seaside properties seen as a viable investment option by foreign and local retirees. There are also those who have been inspired by their travels abroad into owning a home by the sea.

In the past five years, the island is seeing its fair share of waterfront developments, including a seafront master-planned project, the Seri Tanjung Pinang (STP), by E&O Property Development Bhd.

The STP project, which involves creating several man-made islands, is being touted to emerge as a “pin identifying Penang island on the international map”.

The 392ha seaside estate, which sits to the immediate north of the popular Gurney Drive in George Town, is modelled after the Dubai Waterfront project in the Middle East.

It has attracted buyers from the UK and other European countries as well as the US, its developers said.

Recent developments include the Queensbay project in Bayan Lepas, on the southwestern end of the island, which is undertaken by the Kuala Lumpur-based CP Group.

Also in the area is the Bayan Mutiara project by Penang Development Corp.

Bayan Mutiara, covering 40ha (with another 20ha earmarked for reclamation), will have high-end and affordable homes, schools, a mosque and a government administrative complex, including the state legislative assembly building.

It is also sited within the Penang Multimedia Super Corridor.

The project is expected to encompass four precints. The state administration complex will include the assembly building, offices for elected Penang representatives and the office of the Chief Minister.

According to E&O Property Development marketing and sales director K.C. Chong, the STP development will feature a headland and multi-island concept.

“Currently, at the headland, we have completed reclamation works for Phase One of 96ha, which will introduce landscaped parks and seafront promenades set amid a guarded community of luxury seafront villas, semi-detached and courtyard terrace homes, condominium and service apartments.

“There will also be commercial and retail precincts surrounding a vibrant pleasure marina offering exciting food and beverage outlets, shops, entertainment and sporting facilities,” Chong said.

The second phase of 286ha will include a cluster of islands linked by a series of bridges to the first phase.

Phase One of STP will take the next five to six years to complete. The company plans to grow its landbank under Phase Two, which will take 12 to 15 years to complete.

Reclamation works under Phase One have been completed.

“We endeavour to attract the international community to Seri Tanjung Pinang, whether to stay, invest or for a holiday,” Chong added.

“In that, we have been working with well-known international architects to create a master plan that is unique, distinctive and can emulate the successes of well-known seafront developments in the region.”

STP is said to have attracted interest, and its developers believe that the second phase will appeal to the international community.

“In terms of joint-venture partners, we have partnered credible names from Singapore as well as the Middle East,” said Chong.

Meanwhile, the mixed development Queensbay (http://www.skyscrapercity.com/showthread.php?t=430448&page=2) township sits on 29.2ha and commands a strategic view of the Penang Bridge and Pulau Jerejak.

The freehold project is accessible via major roads like the Bayan Lepas and Jelutong expressways, and is also part of the Penang Multimedia Super Corridor.

With the construction of the Second Penang Bridge (http://www.skyscrapercity.com/showthread.php?t=407209) linking Batu Maung on the island to Batu Kawan in Seberang Prai, Queensbay is set to be sandwiched between two bridges linking the island and mainland.

“Now that we have completed the Queensbay Mall (and plans are in place to expand it via the addition of a second wing), we are setting our sights on creating an alternative ‘central business district’ for Penang here at Queensbay,” CP Land chief executive officer Tony Lim said.

On the drawing board are 86 exclusive waterfront villas and a RM200 million Queens Wharf comprising a public marina, retail and food and beverage outlets along with office suites and a promenade.

“We are also planning a Queens City development, which will be sited on 6.4ha,” Lim added.

The RM1 billion project is expected to begin construction by 2008 and to be completed in four years.

Among other developments, it will have a 400-room, five-star hotel with a ballroom that can fit in 2,000 people.

The self-contained city will also have furnished serviced residences, four blocks of office suites as well as more food and beverage and retail outlets.

A stone’s throw away, the Bayan Mutiara seafront integrated property project will mark Penang Development Corp’s entry as a premier housing developer.

The corporation, since 1969, has been a major player in formulating Penang’s development policies and made a name for itself in transforming the state into an electronics powerhouse.

It has also been instrumental in developing satellite townships like Bayan Baru, Seberang Jaya and Batu Kawan in the state.

“Our waterfront landed properties at Bayan Mutiara, totalling 168 units, will be built on 11.16ha of seafronting land,” PDC Properties Sdn Bhd chief executive officer Osman Kallahan said.

The first phase of the waterfront homes will comprise 70 superlink homes and 43 bungalows, while the second phase will see the construction of 55 bungalows, he added.

“Upon completion of the project, we expect to achieve a gross development value of RM179.4 million,” said Osman.

On how the STP will raise the bar in seaside living in Penang, Chong said:

“This master-planned development will stimulate new growth, energy and focus to Penang’s seafront as Palm Jumeirah and Sentosa Cove have done for Dubai and Singapore respectively.

“It will emerge as a symbol of pride and progress for Penang island — gaining worldwide publicity and prestige, attracting capital inflows and investment, employment and business opportunities, especially for Penang tourism.”

by vizugonesailing

http://img40.picoodle.com/img/img40/5/11/16/f_08m_2eceb78.jpg

THE SUITES AT WATERSIDE – LUXURY SERVICE APARTMENTS AT THE HEART OF SERI TANJUNG

160 luxurious 1- and 2- bedroom service apartments built around Waterside and the Marina. The Suites offer all the amenities of modern living enhanced by sweeping views across the Straits of Malacca and the Andaman Sea. At Waterside, the vibrant energy and colour of seafront living is brought to life by its unique inner city festive marina concept.

http://i237.photobucket.com/albums/ff227/jeff1983/web20pic2.jpg

http://i237.photobucket.com/albums/ff227/jeff1983/s1.jpg

Site Plan
http://i237.photobucket.com/albums/ff227/jeff1983/serviceapartments_siteplan.jpg

A PRIVATE COMMUNITY OF VILLAS BY-THE-SEA

In Seri Tanjung Pinang, a special enclave has been set aside for a community of grand Villas By-The-Sea. Each villa is fronted by single-entry roads leading to a private seafront footpath accessible only to residents.
Three magnificent villas designed to celebrate the timeless allure of sea, breeze and sky. Martinique, Abrezza, Skye. Three elements. Three inspired designs. One exclusive community dedicated to luxury living by the sea.

http://i237.photobucket.com/albums/ff227/jeff1983/bungalow.jpg

Martinique
http://i237.photobucket.com/albums/ff227/jeff1983/Martinique.jpg

Abrezza
http://i237.photobucket.com/albums/ff227/jeff1983/Abrezza.jpg

Skye
http://i237.photobucket.com/albums/ff227/jeff1983/Skye.jpg

More Info: http://www.eoprop.com/stp/index.cfm?sc=72&cm=3

post by haze

E&O JV in Penang luxury seafront villas project

By Sharon Tan
Email us your feedback at fd@bizedge.com


PENANG: E&O Property Development Bhd’s joint-venture luxury bungalows project on Penang island, where the units are priced between RM2.75 million and RM7.5 million, will be launched on Saturday.

The Villas By-The-Sea project villas would be built on 15 acres of freehold land in Seri Tanjung Pinang, with total of 750 metres of frontage facing the Straits of Malacca. They are scheduled to be completed by mid-2009.

The JV partners include Bahrain’s Al Salam Bank and CIMB-Mapletree Real Estate Fund 1 Sdn Bhd.

E&O Property director of marketing and sales KC Chong said with the rising affluence in Asia, the concept of luxury had evolved significantly and shifted from tangibles like ownership of properties, to intangibles like time, personal space and relaxation.

“These have become very valuable to many, thus resort-styled homes and developments that are set in lush natural surroundings and blessed with the sun, sand and sea are becoming highly sought after. But what makes our Villa By-The-Sea truly unique is their prime location just minutes away from Gurney Drive,” he said.

CIMB-Mapletree chief executive officer Raja Noorma Othman said the project represented the real estate fund’s maiden foray into the upscale residential market in Penang.

“We are confident that this joint venture will strengthen our position in the international luxury property market and pave the way for further developments in the high-growth market,” she said.

CIMB-Mapletree is a private real estate fund managed by CIMB-Mapletree Management Sdn Bhd, a joint venture between CIMB Real Estate Sdn Bhd and Mapletree Capital Management Ltd.

The villas come in three designs, namely Martinique which is located by the sea, Abrezz and Skye with land area ranging from 4,999 sq ft to 12,860 sq ft each.

by Vincent in London

http://img30.picoodle.com/img/img30/5/12/22/f_02m_46a2cf0.jpg

VILLAS BY-THE-SEA

Martinique

http://i237.photobucket.com/albums/ff227/jeff1983/23122007338.jpg

http://i237.photobucket.com/albums/ff227/jeff1983/23122007331.jpg

http://i237.photobucket.com/albums/ff227/jeff1983/23122007313.jpg

http://i237.photobucket.com/albums/ff227/jeff1983/23122007318.jpg

http://i237.photobucket.com/albums/ff227/jeff1983/23122007319.jpg

love the architecture, very 'island' flavor...a little Carribean, lil Key West..lil Malaysia..sweet mix.

&O finalising concept for 2nd phase of Seri Tanjung Pinang
By Marina Emmanuel Published: 2008/02/01

http://www.btimes.com.my/Current_News/BTIMES/Saturday/Nation/eooo.xml/Article/Current_News/BTIMES/Images/water2.jpg

This portion of the integrated waterfront development, which is modelled after the Dubai Waterfront, will see a cluster of islands emerging offshore

E&O Property Development Bhd is finalising the concept plan for the second phase of its Seri Tanjung Pinang (STP) project in Penang.

This portion of the integrated waterfront development, encompassing 296ha of reclaimed land, will see a cluster of islands emerging offshore. They will be linked with bridges to phase one of the development in Tanjung Tokong.

"We expect to begin work for phase two within the next two years, subject to obtaining all necessary approvals from the relevant authorities," the company's marketing and sales director K.C. Chong told Business Times.

The entire project involves almost 400ha of freehold land, extending from the northeast coast of Penang Island towards the series of islands in the second phase.

The project, which is modelled after the Dubai Waterfront in the Middle East, is being marketed as Penang's largest master planned waterfront community.

Chong said the second phase would include an international hotel and resort.

"Currently at the headland, we have completed reclamation works for phase one which includes a guarded community of luxury seafront villas, semi-detached and courtyard terrace homes, condominiums and service apartments," he added.

He said around 60 per cent of the 96ha of the total land area has been developed.

"Currently under development are seafront villas, semi-detached homes, terraces, serviced apartment, along with a retail and marina component."

The first phase has a gross development value (GDV) of RM2.6 billion and some RM600 million worth of properties have been sold.

"The bulk of the remaining GDV that has yet to be launched is the second tranche of seafront villas, some semi-detached homes and the upcoming condominiums which are targeted to be launched by the third quarter of this year," he added.

"To date, we have handed over around 225 units of courtyard terraces, 26 units of 'Avalon' semi-detached homes and 40 bungalow parcels since its maiden launch at the end of 2003."

by Garbage Kingdom

http://img30.picoodle.com/img/img30/4/2/12/f_22592181763m_33ad55e.jpg

by islandxhawaii

http://img27.picoodle.com/img/img27/4/3/18/f_03m_d2d572c.jpg

http://img29.picoodle.com/img/img29/4/3/18/f_04m_2d56c2b.jpg

by doug arp

http://img30.picoodle.com/img/img30/4/3/25/f_03m_ecfd5e6.jpg

by wanhashim

http://img02.picoodle.com/img/img02/4/3/25/f_2356597013bm_96ad14b.jpg

http://farm3.static.flickr.com/2079/2356596467_b119d65032_b.jpg

Penang goes posh
E&O launches seaside bungalows

http://bp2.blogger.com/_BWQmSsODfo8/R-3bdSr6JWI/AAAAAAAACCE/RuS92XHQ9jQ/s400/martinique+waterfront+bungalow.jpg

Martinique, one of three designs of waterfront bungalows with pool fronting
the Straits of Malacca by E&O Property Development in Seri Tanjung Pinang.

FOR centuries, Penang has attracted traders, seafarers and adventurers from far and wide. Today, the island is no less popular, being one of Malaysia’s front-runners in the real estate investment market after Kuala Lumpur. It is against this backdrop of sun and surf, and city living that E&O Property Development Bhd is building the largest waterfront project there.

The company laid the foundation for the Seri Tanjung Pinang community by first selling double-storey terrace and semi-detached housing. It recently took things a notch higher by launching bungalows in three designs.

Known as Skye, Abrezza and Martinique, the bungalows are set apart from other landed developments taking place on the island because of several factors.

The first is the overall ambience. Each home design draws inspiration from the different elements around the world that make living a pleasure.

Although the look, feel and design vary, a single thread binds them and the buyers who take to them – the desire for the finer things in life.

Those who have visited the show village and the show houses would probably agree that Martinique is the most spectacular of the three.

It blends classic lines with the best of materials like nyatoh balustrades, Italian marble flooring and Burmese teak.

Fronting the Straits of Malacca and enveloped by a meandering waterfront promenade, Martinique is a double-storey white sprawling mansion reminiscent of the white and beige plantation manors of the Caribbean Islands.

Much thought has gone into interior decor to give ideas and options to potential buyers. There are several living areas, depending on the purpose and degree of formality of the occasion.

The guest pavilion on one wing offers breathtaking views that sweep into the lawn, sea-front promenade and the azure blue sea. Your guest will not want to leave after this by-the-sea experience.

Depending on the land size, which varies between 11,000 and 13,000 sq ft, Martinique (built-up: 9,000sq ft) begins from RM6.7mil. There are 12 units of Martinique, of which four have been opened for sale. Of these, two have been sold.

Abrezza is named after the sea breeze that winds through the halls and corridors of this triple-storey bungalow.

Elegant yet modern, with a whiff of British opulence, it offers great contrast in terms of colours and details.

There is a clearer definition of private and public spaces, family corners and visitor’s enclave. The developer has dressed up the show units with a lot of dark feature walls, door and window frames and balustrades to add colour and contrast.

No less exciting is the Skye series. Natural light from large windows, high ceilings and skylight give rise to its name. This collection is popular with young families.

Both Skye and Abrezza have built-ups exceeding 5,000sq ft and are priced from RM2.6mil onwards. Abrezza has six plus one rooms while Skye, five plus one. So it is really an offering that considers the needs of several generations, with luxurious ground floor rooms and pantries for higher floors.

E&O marketing and sales director K C Chong says the company is setting a new benchmark for lifestyle living on the island.

About 80% of Seri Tanjung buyers are from Penang, Ipoh, Sungai Petani and Kuala Lumpur.

For some of them, the houses in Seri Tanjung will be their holiday homes. The remaining 20% are foreigners, mostly Westerners.

Says Chong: “Penang is very popular with the expatriate community and those who are in the Malaysia My Second Home programme.”

He says the 240-acre phase one will keep the company busy for the next three to five years.

The second phase comprises two islands, which the company will reclaim from the sea and will be connected to the first phase.

“Because Penang is an island, land is scarce. And with burgeoning demand, it is only natural that prices move up,” he adds.

It is this scarcity of land and the growing popularity of Penang among foreigners, and local and foreign investors, that several developers other than E&O have gone into land reclamation. Among them are IJM Corp Bhd, Penang Development Corp and C P Land Sdn Bhd.

Says Chong: “The land component is different between Penang and Kuala Lumpur. Comparing a guarded development here and another in Kuala Lumpur, the land cost would be higher in Penang.

“At the end of the day, it is this single component that drives up our house prices.”

Cruising along Jalan Tanjung Tokong, which leads to Seri Tanjung, you can see the development that straddles the sun and surf of Batu Feringghi at one end and the city at the other.

When completed, it will be the newest address to join the international list of world-class waterfront communities including The Palms in Dubai, Australia’s Sovereign Islands and Sentosa Cove in Singapore.

Keys to its terraced housing were handed over to buyers in the first quarter of last year. Its first series of chic and elegant terraced houses set tongues wagging when it was launched at the end of 2005 at RM735,000, an unheard-of figure then for double-storey housing on the island.

In the secondary market today, intermediate units are going for about RM800,000 and corner units in the RM1mil region.

There are altogether about 260 units of terraced housing, 215 units of semi-detached, 48 plots of vacant bungalow land (all have been sold) and 73 units of bungalows, comprising Skye, Abrezza and Martinique.

The first phase of the master-planned development will also have 160 units of serviced suites facing a marina and seven condominium blocks.

The marina will be ready in 2009. Land reclamation works for its second phase will begin in three years.

Says Michael Geh, director of property consultancy at Raine & Home International Zaki + Partners: “In many ways, E&O has achieved new benchmark in terms of pricing, architecture and design. The company is giving us modern designs with a very cosmopolitan feel.

“We are seeing other developers following suit. SP Setia has started lush courtyard garden terraces, IJM is giving us Nautilas Bay by-the-sea terraces.

“Other developers must follow this new trend in Penang terraces if they are to keep up. Lifestyle and community housing is here to stay.”

E&O’s villas by the sea
By theSun (by Diana Chin)

http://www.livintrend.com/images/iconic1.jpg

PETALING JAYA: E&O Property Development Bhd has upped the ante on its flagship project of Seri Tanjung Pinang (STP) in Penang, launching 2-and 3-storey villas priced between RM2.75 million and RM7.50 million over the weekend.

According to KC Chong, Director of Marketing & Sales for E&O Property, there was a strong positive response from both locals and foreigners to the launch. “The recent opening of our Singapore sales and marketing office has attracted more Singapore-based investors and foreigners to Penang,” he told theSun.

Called Villas By-The-Sea, there are three different types — Martinique, Abrezza and Skye – stretching over 15 acres of freehold land with a total of almost 750 m of frontage facing the vast Andaman Sea and Straits of Malacca.

A total of 40 units were launched: 20 units of Skye, 16 units of Abrezza and four units of Martinique with a gross development value of about RM120 million.

The 3-storey Skye has 5+1 rooms and has a built-up of 5,283 sq ft for corner units and 5,193 sq ft for intermediate units. The villas are standalone bungalows and by intermediate units, the developer means there are two villas on each side of the unit.

The 3-storey Abrezza offers 6+1 rooms and has a built up of 5,332 sq ft, while Martinique, the largest of the three villa types, offers 9,043 sq ft in 2-storeys and has 5+1 rooms.

The Martinique villas are located by the sea, while Abrezza and Skye are located further back. The developer says the villas are designed to offer distinct spaces within the homes to cater to the diverse lifestyle needs of their occupants. Halls, rooms and corners of different sizes and characteristics are artfully planned to offer a different escape for different activities and moods.

“The unique layouts also encourage interaction between the indoors and outdoors with generous window openings, high ceilings, spacious terraces and verandahs, ,” added Chong.

The living/dining area and dry kitchen are laid with imported Italian Botticino marble while the luxurious bedrooms and guest rooms are covered with Burmese teak flooring. All rooms come with ensuite bathrooms, with the master bathroom clad in Arabescarto marble.

The Villas By-The-Sea at Seri Tanjung Pinang is a joint venture development between E&O Property with Al Salam Bank (of Bahrain) and CIMB-Mapletree Real Estate Fund 1 Sdn Bhd (a private real estate fund managed by CIMB-Mapletree Management Sdn Bhd.

Seri Tanjung Pinang features a headland and multi-island concept spanning 980 acres.

Currently, the 240-acre Phase One introduces landscaped parks, boulevards and seafront esplanades set amidst a guarded community of terraced, semi-detached and detached homes, condominiums and service apartments, as well as commercial and retail precincts surrounding a marina. In planning, Phase Two of 740 acres will see a cluster of islands emerging offshore, linked via a series of bridges.

http://www.livintrend.com/images/iconic2.jpghttp://www.livintrend.com/images/iconic3.jpg

Seri Tanjung Pinang (http://www.seritanjungpinang.com/stp/index.cfm?landing=true)

Gleaming white against the morning sun, or awash with the golden light of evening, houses here are tinged by scatteed blues reflected off the rippling sea.

The island of Penang, located just off the northwest coast of tropical Malaysia, is a kaleidoscope of colours and cultures.

For over two centuries, it has been a meeting point for seafarers and settlers from Europe, India, the Middle East and China.

Against this rich tapestry of history and tradition, you will find E&O Property’s development of Seri Tanjung Pinang.

This ambitious 980-acre masterplanned community, comprising a headland and multi-islands, will be the largest seafront project in Penang’s history.
Developed by the same company behind Penang’s histori E&O Hotel, Seri Tanjung Pinang is designed to rekindle Penang’s long heritage of fine living by the sea.

Sea-fronting bungalow parcels that look out to the dancing waves, spacious semi detached and terrace homes filled with sea breeze and sunlight, and apartments with sweeping views of bobbing sails at quayside.

All linked by shady boulevards, breezy boardwalks and colourful promenades.
This is Seri Tanjung Pinang on the island of Penang. For a fortunate few, this will be home.

E&O ACACIA Phase 1, completed
http://i285.photobucket.com/albums/ll70/josephltt/010520081573.jpg
http://i285.photobucket.com/albums/ll70/josephltt/010520081574.jpg
http://i285.photobucket.com/albums/ll70/josephltt/010520081575.jpg
http://i285.photobucket.com/albums/ll70/josephltt/010520081577.jpg
http://i285.photobucket.com/albums/ll70/josephltt/010520081578.jpg
http://i285.photobucket.com/albums/ll70/josephltt/010520081584.jpg

http://i285.photobucket.com/albums/ll70/josephltt/010520081580.jpg
http://i285.photobucket.com/albums/ll70/josephltt/010520081582.jpg
http://i285.photobucket.com/albums/ll70/josephltt/010520081579.jpg

Acacia phase 2, WIP 29/04/2008

http://i285.photobucket.com/albums/ll70/josephltt/290420081570-1.jpg

One of the corner unit
http://i285.photobucket.com/albums/ll70/josephltt/290420081569.jpg

http://i285.photobucket.com/albums/ll70/josephltt/290420081568-1.jpg

http://i285.photobucket.com/albums/ll70/josephltt/290420081567-1.jpg

Its a pity that it looks quite like a car centric development, or do I err with that assumption?

Its a pity that it looks quite like a car centric development, or do I err with that assumption?

Why say so?:)

Kenanga upbeat on E&O projects
By LEONG HUNG YEE, The Star, Monday May 19, 2008


PETALING JAYA: A property downcycle in terms of slower take-up rates may affect the outlook for Eastern & Oriental Bhd (E&O).

In a research report, Kenanga Investment Bank said the regional property scene had “cooled slightly” due to local political uncertainties and the grim outlook for global economies.

“Nevertheless, we remain upbeat on E&O’s projects as they are in prime areas and can leverage on their strong branding. Additionally, the group has achieved high take-up rates for its ongoing projects, which mean earnings are secured for at least two more years,” the Kenanga report said.

The research house added that brand power was the driver of E&O’s corporate goals to create strong sustainable income in the long term.

“E&O believes that branding is critical for strong sustainable growth, especially when targeting discerning high-end home buyers,'' it said.

“The group has identified niche markets and produced high-quality innovative products at the same time to achieve high take-up rate before completions,” it added.

E&O has aggressively marketed its properties overseas and has taken advantage of “Malaysia, My Second Home” as well as other property incentives to attract foreign buyers.

The company, which is on a continual lookout for prime land in the Klang Valley, Penang and Johor, would be more cautious in acquiring land due to the soaring prices for such land.

Kenanga said the company's margins should be able to buffer it against rising material costs. It added that E&O was making a “fat enough a margin” for its property projects.

Kenanga initiated a “buy” call on E&O with a target price of RM3.54.

Standard & Poor's Equity Research (S&P) said E&O's earnings for the financial year ending March 31, 2009 would be driven by its property development arm while its hospitality and lifestyle division would provide income flow in addition to strengthening the E&O brand.

S&P said in a research report that in the longer term, E&O aspired to enjoy higher recurring income from its property investment division, which had targeted a portfolio of RM1bil worth of properties over the next five years.

THE SUITES AT WATERSIDE @ SERI TANJUNG PINANG


http://i237.photobucket.com/albums/ff227/jeff1983/090820081775.jpg

A morning at the Seri Tanjung Pinang, cool breeze, sunny blue sky...

http://img411.imageshack.us/img411/1735/1004746se8.jpg
http://img234.imageshack.us/img234/6237/1004747bi2.jpg
http://img363.imageshack.us/img363/2760/1004749rr4.jpg
http://img379.imageshack.us/img379/8782/1004750gg8.jpg
http://img521.imageshack.us/img521/8136/1004754sg2.jpg
http://img237.imageshack.us/img237/8927/1004757pl5.jpg
http://img237.imageshack.us/img237/9734/1004759sy7.jpg
http://img411.imageshack.us/img411/2003/1004760hx6.jpg
http://img363.imageshack.us/img363/7073/1004762lm0.jpg
http://img379.imageshack.us/img379/2769/1004764kl4.jpg
http://img300.imageshack.us/img300/3504/1004766qh8.jpg
http://img521.imageshack.us/img521/3396/1004767gw0.jpg
http://img237.imageshack.us/img237/16/1004768pu9.jpg
http://img375.imageshack.us/img375/9926/1004769ux7.jpg
http://img237.imageshack.us/img237/4958/1004770fd6.jpg
http://img411.imageshack.us/img411/2073/1004771wu4.jpg
http://img234.imageshack.us/img234/7997/1004772ac8.jpg
http://img363.imageshack.us/img363/9948/1004774ym0.jpg
http://img379.imageshack.us/img379/7307/1004775ks2.jpg
http://img300.imageshack.us/img300/2899/1004776ji0.jpg
http://img521.imageshack.us/img521/4238/1004778fy8.jpg
http://img237.imageshack.us/img237/7695/1004779pq7.jpg
http://img375.imageshack.us/img375/5474/1004780vb7.jpg
http://img237.imageshack.us/img237/5782/1004781wm4.jpg
http://img411.imageshack.us/img411/9108/1004782xd3.jpg
http://img234.imageshack.us/img234/2663/1004783dw9.jpg
http://img363.imageshack.us/img363/7846/1004784ky1.jpg
http://img379.imageshack.us/img379/8219/1004785jh8.jpg
http://img300.imageshack.us/img300/8020/1004786aa5.jpg
http://img521.imageshack.us/img521/9364/1004787wl3.jpg
http://img237.imageshack.us/img237/3048/1004788er2.jpg
http://img375.imageshack.us/img375/7933/1004789cs9.jpg
http://img237.imageshack.us/img237/6544/1004790wc8.jpg
http://img522.imageshack.us/img522/4995/1004792fz2.jpg
http://img218.imageshack.us/img218/3091/1004794ei0.jpg
http://img522.imageshack.us/img522/5733/1004796iq1.jpg
http://img528.imageshack.us/img528/444/1004797fr9.jpg
http://img355.imageshack.us/img355/7977/1004798ru4.jpg
http://img366.imageshack.us/img366/7602/1004799mm7.jpg
http://img367.imageshack.us/img367/2980/1004800vh5.jpg
http://img119.imageshack.us/img119/8890/1004801io6.jpg
http://img237.imageshack.us/img237/8246/1004802yz2.jpg
http://img522.imageshack.us/img522/4521/1004803zw4.jpg
http://img218.imageshack.us/img218/3052/1004804br6.jpg
http://img522.imageshack.us/img522/6196/1004805xa4.jpg
http://img528.imageshack.us/img528/7882/1004806vz8.jpg
http://img355.imageshack.us/img355/3636/1004807ce8.jpg
http://img366.imageshack.us/img366/4378/1004808xw8.jpg
http://img367.imageshack.us/img367/2951/1004809mn4.jpg

The Palazzo taken from UOB Bank Jalan Kelawai.
http://img119.imageshack.us/img119/9652/1004810fp1.jpg
http://img521.imageshack.us/img521/150/1004812pr5.jpg
Finally done.... tired hand..

BY pen
Gurney Drive Skyline From Seri Tanjung Pinang

http://i237.photobucket.com/albums/ff227/jeff1983/091120082493.jpg

THE SUITES AT WATERSIDE
by pen

http://i237.photobucket.com/albums/ff227/jeff1983/091120082497.jpg

http://i237.photobucket.com/albums/ff227/jeff1983/091120082500.jpg

THE SUITES AT WATERSIDE & Skyhome Super Condo
http://i237.photobucket.com/albums/ff227/jeff1983/091120082496.jpg

E&O delaying launch of Penang condo project
Monday December 8, 2008 By ELAINE ANG

EASTERN & Oriental Bhd (E&O), which is in the midst of reviewing its property development launches amid the current economic slowdown, will delay the launch of the first phase of the Seri Tanjung Pinang condominiums in Penang.

The first phase, comprising four towers of seaside condominiums with one, two and three-bedroom units and with a gross development value (GDV) of about RM1bil, was to be launched during the group’s current financial year ending March 31, 2009 (FY09). But the targeted launch date has since been pushed to the third quarter of next year.

Executive director Eric Chan Kok Leong said the group was reviewing its launch strategies after monitoring the local market sentiment and global financial conditions.

“Economic slowdown is inevitable and will indeed impact bottom line, but our fundamentals remain solid.

“It is important now for the E&O group to conduct business in a more conservative mode, which includes reviewing certain development launches and proactively assessing product offerings to suit the times, such as providing smaller-sized units for greater market acceptance,” he said in an e-mail interview.

The group, however, would be forging ahead with the launch of its St Mary’s serviced apartments, targeted for the fourth quarter of FY09.

The project, sited in the heart of Kuala Lumpur’s central business district, consists of three blocks of 28-storey luxurious serviced apartments on 4.13 acres and has a GDV of RM1bil.

Chan said the project was in line with E&O’s focused business strategy of building premier properties in prime locations (10 to 15km radius of the Kuala Lumpur city centre in the Klang Valley) and which had the potential to further enhance the group’s brand reputation in the property landscape.

Nevertheless, Chan remains positive on the outlook for the country’s property sector.

“We expect the Government’s recently announced stimulus package for the property sector to have a positive impact in the long term notwithstanding the possibility of a downward pressure on demand for property caused by an expected deceleration in economic growth, employment concerns and a weak stock market performance.

“Amid this challenging environment, we anticipate that raw material prices will continue to normalise and hence ease the pressure on margins,” he said.

As for Penang, Chan said the state’s property landscape was undergoing rapid transformation aided by the population’s changing lifestyle and evolving market dynamics.

“Our positive outlook on the Penang property market is further supported by George Town’s Unesco World Heritage Site status which has rejuvenated efforts by the state government and property developers to boost the island’s position as a real-estate destination,” he said.

Although E&O’s net profit fell 96.8% to RM473,000 for the second quarter ended Sept 30 mainly due to lower contribution from the property division, an analyst with a local research house noted that the St Mary’s and Seri Tanjung Pinang condominium projects were in advanced ground/infrastructure works, implying immediate earnings recognition upon launch.

“E&O has prudently revised the timing of its new launches to meet market conditions.

“We continue to like the group for its premium branding and strong execution capabilities, which have enabled stable income stream from the Seri Tanjung Pinang project. We expect unbilled sales of RM191mil to be recognised over the next two years,” the analyst said.

Seri Tanjung Pinang, spanning over 980 acres, launched its first properties – in the form of Acacia Courtyard Terraces – in October 2005.

This was followed by the Avalon semi-detached homes in June 2006. Other phases include the Acacia semi-detached homes, some bungalow plots, Waterside serviced apartments and the Sea Villas detached homes.

by Phillage
http://flickr.com/photos/11398985@N05/sets/72157603609728501/

http://farm4.static.flickr.com/3101/2635950634_6f53a176aa_b.jpg

BY pen
Gurney Drive Skyline From Seri Tanjung Pinang

http://i237.photobucket.com/albums/ff227/jeff1983/091120082493.jpg

Are those people swimming there????? Wat the......

Anyone know the latest news for Tesco in Sri Tanjung Pinang?
Is Tesco project still on over there? When?

Anyone know the latest news for Tesco in Sri Tanjung Pinang?
Is Tesco project still on over there? When?

by venycal

http://farm4.static.flickr.com/3584/3376376800_f8c2a444ff_o.jpg

http://farm4.static.flickr.com/3587/3376377050_ba4865592c_o.jpg

In less than three years, Eastern and Oriental Property Development Bhd (E&OPD) has sold RM600 million worth of properties at its Seri Tanjung Pinang (STP) seafront development in Penang Island.

muebles zaragoza | ( http://www.zbinteriorismo.com) tiendas muebles zaragoza | ( http://www.zbinteriorismo.com) venta muebles zaragoza | ( http://www.zbinteriorismo.com) muebles diseño zaragoza ( http://www.zbinteriorismo.com)

[QUOTE=altuzarra27;34392236]In less than three years, Eastern and Oriental Property Development Bhd (E&OPD) has sold RM600 million worth of properties at its Seri Tanjung Pinang (STP) seafront development in Penang Island.

Is your answer anything to do with Tesco?
My question: When is Tesco's construction work going to start in Sri Tanjung Pinang? Anyone know any news?:)

by jhecking
http://www.flickr.com/photos/jhecking/3467991259/

http://farm4.static.flickr.com/3581/3467991259_7c2c4d9434_b.jpg

http://img256.imageshack.us/img256/1723/tgpinang02bn4.jpg

by huybo02
http://www.flickr.com/photos/31553392@N04/3535838855/

http://farm3.static.flickr.com/2403/3535838855_65e608c5fb_b.jpg

by ishikiller
http://www.flickr.com/photos/9519886@N02/3578387226/in/set-72157618913160993/

http://farm3.static.flickr.com/2428/3578387226_89dcc68ce4_b.jpg

E&O gearing up for next economic upturn
Saturday June 6, 2009
By LOONG TSE MIN

http://star-space.com/archives/2009/6/6/pnews/b_22tanjongpinang.jpg

A handout image of Seri Tanjung Pinang project. E&O
will be launching two new projects this year.

Eastern & Oriental Bhd (E&O) group is positioning itself to capitalise on opportunities in the next economic upturn including holding back launches to time for the upturn as well as raising capital that could be used to make opportunistic acquisitions.

The group’s RM200mil proposed 1-for-2 rights of irredeemable convertible secured loan stocks (ICSLS) 2009/2019 in late May is part of a two-pronged strategy to raise a total of RM500mil.

Executive director Eric Chan told StarBizWeek in an interview that the RM500mil would strengthen the company’s balance sheet in the next two to three years “by increasing cashflow and lowering gearing.”

The money will be used to fund developments, opportunistic acquisitions such as strategic acquisitions of landbank, and general working capital and repayment of financial obligations, etc.

The suddenness of the economic downturn in 2008 and 2009 had impacted E&O’s business and strategies Chan said.

Under current weaker conditions, the premium niche property developer is focused on “managing the balance sheet rather than being only profit and loss-driven”.

In addition to the RM200mil from the rights issue expected to be completed by August, RM300mil will be raised from the disposal of non-strategic landbanks and cash generated from new launches.

To date, it has also raised just under RM100mil from the disposal of what it considers to be non-strategic landbanks including a property in the Semantan area of Kuala Lumpur from the unwinding of a joint venture with Selangor Properties.

As part of its “value preservation” strategy, E&O has been holding off launches and will only put these developments worth RM4bil in gross development value (GDV) into the market when the economy and demand for high-end property recover.

In fact, the company had not launched aggressively in 2007 and 2008, which had shown in its 2009 financial results, given that there was an average two-year lag for the value of launches to be manifested in earnings, said Chan.

The group has announced an unaudited RM37.7mil net loss for the financial year ended March 31, 2009 (FY09) compared with a net profit of RM128.9mil for FY08.

“But the value of the developments are intact. They are deferred but not cancelled,” Chan said referring to the RM4bil GDV of held-back projects.

The RM4bil appears to be readily realisable when the market recovers.

“These are ready-to-market projects. We have acquired all the approvals,” he said, adding that approvals for property development launches could take about a year.

But the upturn may be sooner than expected.

The company expects to take two to three years to reduce the high gearing it has built up during the downturn. Meanwhile, it is launching two projects this year.

These projects are the 440-unit St Mary service apartments in Kuala Lumpur near the Weld next month and 1,000 units of Seri Tanjung Pinang condos in September. The company expects these projects to bring RM600mil into the company’s coffers.

The estimated RM200mil from the rights issue, by E&O’s calculations, will bring down the company’s gearing from 0.8 times to 0.46 times, while the RM300mil from landbank disposal and new launches will bring gearing down to a negligible 0.16 times.

HwangDBS Vickers which maintains a “hold” call on the counter in its latest report says of the two expected launches, “We expect the takeup to be slow due to high incoming supply of high-end condos especially around KLCC over the next two to three years.

“However, St Mary’s initial launch will likely be priced at an attractive RM800 per sq ft versus the KLCC secondary market price of RM800 to RM950 per sq ft, along with a 10/90 financing scheme.”

But at the same time, the research house has raised its FY10 and FY11 earnings forecasts of the company by 6% to 18% after factoring in stronger takeups with property sales showing signs of bottoming out on anecdotal evidence.

On the rights issue last month, HwangDBS says that E&O will have more working capital to resume launches in the second half of 2009 from the estimated RM2.4bil GDV, which should help to replenish dwindling unbilled sales at RM150mil currently.

The research house also opines that concerns about the company’s high gearing “will abate” and calculates that gearing will improve to 0.53 times from 0.83 times at present.

“The funds raised will also ease pressure to sell assets at distressed prices – E&O still hopes to raise RM300mil from the disposal of non-strategic landbank,” it says.

by Naifla Iniaz
http://www.flickr.com/photos/alfianz/3612822018/

http://farm4.static.flickr.com/3565/3612822018_a1429e6915_b.jpg

http://farm3.static.flickr.com/2428/3612017433_f7d15fceff_b.jpg

Taken @ Sri Tanjung Pinang (behind Island Plaza)
by J-sёnse
http://www.flickr.com/photos/lihjing/3233227650/

http://farm4.static.flickr.com/3470/3233227650_537710979f_o.jpg

Developers keen to resume launches
By SHANNEN WONG
July 11, 2009

HIGH-end property developers are expected to resume their project launches in the coming months aided by strong take-up in the first half of the year and more positive outlook in the economic front.

At least two luxurious residences in Kuala Lumpur and five high-end residential projects in Penang will be unveiled soon. (See table)

“Given the warm response for some of the recent project launches, we understand more developers are planning to launch their high-end properties in Kuala Lumpur and Penang in second half of the year,” says HwangDBS Vickers Research analyst Yee Mei Hui.

Developers are now more confident about resuming launches than focusing on clearing inventories previously.

“We believe that the good response from the properties buyers is an indication that demand for high-end has started to return,” says Yee.

She says while there would be a large incoming supply of high-end condominiums, especially around the KLCC and Mont’ Kiara areas, over the next two years, these new launches generally have lower entry prices due to smaller built-ups and the availability of attractive housing loan packages, says Yee.

“These new launches offer attractive financing schemes such as low down-payments and minimal cash outflow up to two years until the property’s delivery,” she adds.

DNP Bhd will be launching Verticas Residensi condominiums in Bukit Ceylon in Kuala Lumpur priced at RM970 per sq ft.

There will also be the release of 163 high-end serviced apartments for RM1,300 to RM1,400 psf for semi-furnished completed units by the previous en-bloc buyer of Pavilion Residences Tower A.

In Penang, Eastern & Oriental Bhd (E&O) is expected to launch its Seri Tanjung Pinang high-end linked houses, serviced apartments and condominiums these few months.

“We understand E&O is looking to launch its Seri Tanjung Pinang high-end condominiums in September to October at RM600 to RM700 psf,” says Yee.

“It is also planning to launch the second block of the St Mary high-end serviced apartments at RM1,200 psf via international road shows starting in September,” she says.

When contacted by StarBizWeek, an official from E&O says the company will be making announcements on the official launches of its St Mary project within the next few weeks.

IJM Land Bhd will also be launching two of its projects in Penang, namely the Light Linear upper-mid condominiums located near the Jelutong Expressway, and Light Point high-end condominiums later this month and in October respectively.

E&O’s maiden launch of 169 units of St Mary residences in June, the first high-end launch since the fourth quarter of last year, saw a strong 80% take-up rate after a recent five-day preview.

“The sales were above the market’s expectations,” says Yee, noting that buyers were predominantly locals who bought mainly for investment purposes.

Located within the golden triangle district in KL, St Mary Residences were sold at an average price of RM900 psf.

Sky Residences

SP Setia Bhd will be launching its first luxury high-rise residential project, Sky Residences on Jalan Tun Razak, tomorrow.

The sale preview of SP Setia Sky Residences Tower B kicked off last September but were only opened for sale in January this year, in conjunction with the launch of its 5/95 home loan package.

“Close to 95% of our units in Tower B have been taken up. We are now previewing Tower A and will officially open it for sale tomorrow,” says president and chief executive officer Tan Sri Liew Kee Sin.

“This will be the group’s final official launch before the end of the 5/95 programme,” he says.

Given the strong bookings it has on hands, Liew says SP Setia is unlikely to extend its incentive schemes beyond this month.

“We will stop launching any more new products for a few months and concentrate on delivering what had already been sold,” he says.

SP Setia, the largest developer by market capitalisation and sales, has been offering 5/95 home loan package and no interest payments during construction since January to give a boost to the company’s sales.

As of 30 June, SP Setia sales touched RM1.04bil, close to its full-year target of RM1.1bil for financial year ending Oct 31, 2009.

SP Setia has cash reserves of RM551mil and a net gearing of 0.23 times.

Sunrise bookings

Niche high-end developer Sunrise Bhd is among the developers who have benefited from the introduction of attractive incentive schemes.

“Our new bookings have soared to over RM242mil for Mont’ Kiara 11 condominiums and Residence bungalows from our promotion for both projects from March to June this year,” says an official of the company.

Mont’ Kiara 11 residences and the Residence bungalows are priced at an average selling price of RM850 psf and from RM5mil each respectively.

Following the introduction of the 10/90 financing schemes and zero payment up to two years of delivery promotion, Sunrise’s bookings have picked up since mid-March.

In fact, the collective sales for both projects within the first month of promotion have been catching up on its cumulative sales of RM247mil for the first nine months.

Yee of HwangDBS says about 47% of the company’s RM965mil unbilled sales (excluding the new bookings of RM242mil) will deplete by this year-end with the completion of Mont’ Kiara 10 and Solaris Dutamas.

“Sunrise needs to launch new projects in order to replenish its unbilled sales,” she says.

In response to this, the company’s spokesperson says, “It’s too premature to say when we will have our next launch. We are watching the economy right now.”

“Nonetheless, we have comfortable gearing, ample landbank and a pipeline of new projects to be launched, depending on market conditions.”

Sunrise, the largest prime landowner in Mont’ Kiara, is expected to launch its RM732mil Mont’ Kiara 28 condominiums with selling price of RM670 psf in early 2010.

Other launches in the pipeline are its Mont’ Kiara 20 mixed development and Lot 121 Solaris Office Tower. The former has a gross development (GDV) of RM767mil while the latter has a GDV of RM455mil. Both projects has an average selling price of RM700 psf.

Meanwhile, Sunrise will also have RM336mil of completed properties available for sale, which will underpin its earnings until end-2011, says Yee.

On the outlook for the company, the spokesperson says, “The outlook ahead will remain challenging. Much will depend on the strength of the recovery. But the worst is behind us.”

He says the low interest rates and the lack of new launches over the past year as well as the expectation of rising inflation will underpin property demand in the near future.

Legenda@Southbay

Mah Sing Group Bhd managing director and group chief executive Tan Sri Leong Hoy Kum says the company hopes to bring forward the soft launch of its Legenda@Southbay in Penang to the second half of this year.

“We have not held back any launches due to the strong take-up for our products. In fact, we may bring forward some launches,” he says.

The group plans a soft launch of the first 15 units of its Legenda@ Southbay bungalows with some GDV of RM30mil sometime in the second half. The whole project consists of 76 units with total GDV of RM284mil.

“We are looking to bring forward the launches of our Legenda@Southbay due to the overwhelming response for our three-storey super link project Residence@Southbay,” he says.

To date, Mah Sing has sold about 89% of its launched units in Residence@Southbay. Since its launch in May, it registered cumulative sales of 177 units valued at RM149.15mil.

“We have exceeded our 2009 sales target for this project by 60%, and this boosted our confidence that the market in Penang is receptive to our product concept and value proposition,” says Leong.

For the first half, Mah Sing launched seven property projects worth RM315mil, meeting 80% of the company’s full-year launch target of RM394mil.

Leong says the company has achieved approximately 70% of its full-year sales target of RM453mil within the first half of the year.

by Skyline NF_Lam
http://www.flickr.com/photos/28311776@N03/3711950685/

http://farm3.static.flickr.com/2578/3711950685_3f090afe1b_b.jpg

http://farm4.static.flickr.com/3494/3712779462_48cab4df34_b.jpg

Update:
by kubundu

http://i284.photobucket.com/albums/ll23/kubundu/stp1july.jpg

Update:
by kubundu

http://i284.photobucket.com/albums/ll23/kubundu/stp2july.jpg

http://i284.photobucket.com/albums/ll23/kubundu/stp3july.jpg


Sri Tanjung Pinang

http://thestar.com.my/archives/2009/8/1/business/b_25tanjung.jpg

An artist’s impression of the Sri Tanjung Pinang waterfront project.

Set against the backdrop of sun, a grand view of the sea and a hill in Penang island, Eastern & Oriental Bhd (E&O) has built a mammoth waterfront project.

E&O acquired the rights to reclaim the land from the then debt ridden UEM/Renong group in 2003. Reclamation of the headland in phase 1 totalling 240 acres has been completed. The company is now working closely with the authorities in planning the layout of phase 2, totalling 740 acres.

E&O executive director Eric Chan says Sri Tanjung Pinang (STP) is the largest and first city-based international class seafront masterplan in Malaysia. He says it is different because it has international appeal.

“The place is well-organised with beautiful landscaping and big spaces. It is also close to the sea which I love. I’m staying here till I die!” remarks former agronomist Dutchman John Pater who has travelled all over the tropics studying coffee and cocoa during his career.

A friend had recommended STP to Pater’s wife Anita, who had fallen in love with it at first sight and purchased it before telling her husband.

“It’s so pretty. We love the high ceilings and all the details. Once the marina is completed, we’ll get to do a lot more fine dining and shopping,” says Anita who is resident committee chairman for STP.

With that, some say this location is an extension of the new “millionaire’s row” along the bay from Gurney Drive. STP terraces are presently yielding rental yields of 9% to 10%. “Our buyers are mainly locals, about 90%. Our subsequent launches have seen a lot of repeat buyers,” says Chan.

Two weeks ago, E&O launched the second last phase of 28 terraces at STP at RM1.1mil per unit and were sold out within hours.

Direct sea-fronting intermediate units were priced at RM1.52mil, a new record for Penang and arguably the most expensive link house in Malaysia in a new township. Terraces in STP were first launched in 2005 at RM735,000, when homes built on reclaimed land were still not well accepted.

Chan adds that there are four factors which have contributed to the success of STP terraces.

“We’ve got a prime address with easy accessibility. We’re landed and freehold. Our craftsmanship is innovative and there’s quality design. Lastly, the proven track record and branding of E&O as a developer of premier properties also helps,” says Chan.

A milestone for the project is when it completes its marina by June 2010 which will include food, beverage and retail outlets.

Participant of the Malaysia My Second Home Programme Thomas Alexander Craig Cameron from the United Kingdom, moved into his STP unit in March this year because his Malaysian wife wanted to be close to her family.

“We thought STP homes were so much better than anything else we saw in Malaysia. I have stayed in the UK and France. This is so far the best,” he gushes.

Phase 2 of the multi-island development will be of international quality with a 5-star hotel and boutique resort, a championship golf course, marina beach clubs and seafront residences with private berths.

Once completed, Chan says it will be comparable to world class waterfront communities such as The Palms in Dubai and Sentosa Cove in Singapore.

Sri Tanjung Pinang
Sri Tanjung Pinang, a part of Tanjung Tokong is a piece of reclaimed land which is at the moment developed into a housing area. The area is close to Gurney Drive with all the modern facilities and cultural activities within minutes walking.

http://www.pulau-pangkor.com/images/reitre-in-penang04.jpg

Sri Tanjung Pinang, a new piece of reclaimed land in Tanjung Tokong
Seri Tanjung Pinang-Villas By The Sea

http://www.freepropertyadvert.com/uploads/sell/114-1.jpg

http://www.freepropertyadvert.com/uploads/sell/114-2.jpg

http://www.freepropertyadvert.com/uploads/sell/114-3.jpg

Analysts: Signs of quick rebound in property sector
Tuesday August 4, 2009
By EUGENE MAHALINGAM

http://biz.thestar.com.my/archives/2009/8/4/business/p4-propertycht.JPG

PETALING JAYA: The slew of property launches and speedy take-up rates lately are signs that the local (property) sector is on a quick rebound from the global economic downturn.

In its latest report, HwangDBS Vickers Research said the local high-end property sector had been on an uptrend, with developers raking in quick profits from project launches.

Among them were DNP Bhd’s Verticas condominiums in Bukit Ceylon, Kuala Lumpur, which saw 60% of the 50 units soft launched being taken up.

En bloc buyers also snapped up 93% of non-bumiputra units launched (last month) at IJM Land Bhd’s Light Linear project in Penang.

“We see demand for high-end units returning, which could re-rate the sector,” said HwangDBS.

It also highlighted Eastern & Oriental Bhd’s St Mary serviced apartments in Kuala Lumpur (launched in June, 80% take-up in five days) and SP Setia Bhd’s Sky Residences condominiums in KL (previewed in September 2008, with an average 70% take-up so far).

“Developers are more confident now to resume launches, which should lead to faster earnings recovery. Selling prices may soon be raised and incentives gradually pulled back, resulting in margin expansion for developers,” HwangDBS said.

An analyst from a local bank-backed brokerage said the take-up rates were not surprising, given the developers’ good reputation.

“These developers aren’t your fly-by-night type of developers. They have very good reputation and solid track record. The average investor or house-buyer is more likely to park his money with a well-known developer, knowing that his money would be safe,” he said.

Another analyst said the property sector was making a comeback in the region. In the last few months, Hong Kong, Singapore and China had seen strong surges in property demand, she said.

“There’s so much liquidity with nowhere to go. This is one of the safest ways to fight inflation. Putting your money in the bank basically means being eaten up alive by inflation.

“Malaysian property is generally still very affordable. If you don’t buy one now, it will be even more difficult to afford it next time. The 2% interest you get from banks is nothing,” she noted.

HwangDBS also highlighted the Malaysia Property Inc, a joint public-private sector initiative aimed to attract foreign investments worth RM20bil in the domestic real estate sector over the next 10 years.

“The recent liberalisation measures (abolishment of local equity ownership requirement for mergers and acquisitions and Foreign Investment Committee approvals) should help boost both foreign and local demand for Malaysian properties.

“Previous policy changes (waiver of real property gains tax and monthly EPF withdrawals) introduced just before the financial crisis have yet to be fully felt and could be strong catalysts during a recovery,” it said.

Seri Tanjung Pinang-Acacia
Source: http://www.freepropertyadvert.com/seritanjungpinang/

http://www.freepropertyadvert.com/uploads/sell/113-1.jpg

http://www.freepropertyadvert.com/uploads/sell/113-3.jpg

Seri Tanjung Pinang Promenade
Taken from http://www.penang-traveltips.com

http://www.penang-traveltips.com/pics/seri-tanjung-pinang-3.jpg

http://www.penang-traveltips.com/pics/seri-tanjung-pinang-1.jpg

http://www.penang-traveltips.com/pics/seri-tanjung-pinang-5.jpg

From flickr

http://farm4.static.flickr.com/3134/3205699529_8b18c95216_o.jpg

Seri Tanjung Pinang
Click >

http://stp.e-o-group.com/_repository/stp/left_banner/banner_vbts.gif (http://www.seritanjungpinang.com/stp/index.cfm?sc=72&cm=3)

Features
Martinique
An extremely luxurious private sea frontage mansion, inspired by grand plantation manors and the sea
2-storey grand villa • 5+1 grand rooms • Typical land area 11,275 – 11,860 sq ft • Typical built-up From 9,043 sq ft (excluding car porch, forecourt, yard and swimming pool)

Abrezza
An elegant modern home with wide verandahs on four sides
3-storey villa • 6 + 1 bedrooms • Typical land area: 4,999 – 6,840 sq ft • Typical built-up 5,332 sq ft corner and intermediate (excluding car porch and yard)

Skye
Modern villas featuring two double-volume living spaces – a breakfast area and a sunroom one floor up
3-storey villa • 5 + 1 bedrooms • Typical land area 4,999 – 7,800 sq ft • Typical built-up 5,283 sq ft corner, 5,193 sq ft intermediate (excluding car porch and yard)

From flickr

http://farm3.static.flickr.com/2602/3953219804_0cb70bae7f_b.jpg

http://farm3.static.flickr.com/2535/4001207394_dc4020ff9c_o.jpg

From flickr

http://farm3.static.flickr.com/2602/3953219804_0cb70bae7f_b.jpg

From flickr

http://farm4.static.flickr.com/3268/2873147626_40ddb82af4.jpg http://farm4.static.flickr.com/3237/2873146306_fb86c268db.jpg

From flickr

http://farm2.static.flickr.com/1405/1450747410_f7aed8739b_o.jpg

http://farm2.static.flickr.com/1354/1449892713_0821f5ba63_o.jpg

From flickr

http://farm3.static.flickr.com/2732/4164303642_414a2113e9_o.jpg

E&O piles on the luxury for Quayside condo project
By Marina Emmanuel Published: 2010/01/19

http://4.bp.blogspot.com/_jnitJsnrRX4/Szmky3ChJzI/AAAAAAAAFr0/5jMdeEXQDjw/s400/Quayside+Condominium+(Site+Plan)+1.JPG

The luxury condominium project in Penang will boast the region's first private waterpark within a gated community.

AN INTERNATIONAL marina, premium water-taxi service, upscale food and retail outlets and commanding views of the Andaman Sea are among the attractions property developer E&O Property Development Bhd will offer potential buyers at its RM1.8 billion Quayside Seafront Resort Condominum development in Penang next month.

The company's general manager (sales and marketing) Lim Hooi Yen yesterday said the luxury condominium project - which is part of E&O's Seri Tanjung Pinang waterfront development - will also boast the region's first private waterpark within a gated community.

"Apart from marketing the project to well-travelled and well-heeled locals, we will also promote the units in markets like Singapore, Hong Kong, Medan, Jakarta, Surabaya, China, Australia, Japan and Korea," she told a media briefing at the project site in Penang.

The Quayside condominiums, which comprise seven blocks of seafront units, will be sprawled on a 8.4ha site, with 1.8ha of land dedicated to a signature waterpark and clubhouse.
Lim said the proposed project is expected to be completed in about seven to 10 years and about 60 per cent of the total 1,200 Quayside condominium units are expected to be sold to Malaysians.

On the Straits Quay retail marina, which is adjoining the Quayside Condominiums, Lim said the 4.96ha retail enclave will offer everything from boutiques to bistros, seaside cafes, bars and boat rides.

"Just like in Venice, Italy, we hope to introduce the E&O limo which will be a water limousine service," she added, saying that the com-pany has already identified a watercraft that is needed for the water-taxi service.

"We also plan to engage the fishermen in the area to work with us, by having local fishing boats bringing in the island's fresh catch of the day twice daily to a fishermen's pontoon which we plan to build."

Straits Quay and the marina are expected to open by the end of this year, she added.

UPDATE:



http://i284.photobucket.com/albums/ll23/kubundu/quayside.jpg

Quayside Seafront Resort Condominium to be launched next month
By Regina William of The Edge Financial Daily
Monday, 18 January 2010 18:25

GEORGE TOWN: E & O Property Development Bhd's Quayside Seafront Resort Condominium (pictured) project is on course to be launched next month. The 1,200-unit project with a gross development value of RM1.8 billion is located within the Seri Tanjung Pinang development and touted to be on par with the world’s elite waterfront communities like Australia's Sovereign Islands and Sentosa Cove in Singapore.

Quayside will be located on 21 acres of prime seafront land and is said to be the first in the region to create a sprawling 4.5-acre waterfront park exclusively for residents. The development consists of seven blocks of condominiums, five of which are high-rise with 26 storeys and 298 units per block, while two are low-rise with 7-storey blocks of 51 units each.

During a media familiarisation trip of the Quayside project, E & O Property Development’s general manager for sales and marketing Lim Hooi Yen said the project was expected to attract significant foreign interest. Up to 40% of the purchasers would most probably be foreign, Lim said.

Up to 60% of the units are seafacing, offering a 270 degree view of the Andaman Sea, Gurney Drive and the Batu Ferringhi beaches, while the rest will have hill and garden views.

Buyers can choose from seven design types and sizes, and prices range from RM765,000 for a 1-bedroom unit sized at 1,137 sq ft to the RM4.3 million penthouse unit with an area of 7,159 sq ft and its own private swimming pool.

Units come complete with kitchen cabinets, electrical fittings and air-conditioning. Unlike other condominium units, these offer two entrance points into each unit.

There is also an additional 6.9 acres of tropical gardens and green lung within the development for those who are keen on the clean and green living concept. For security, the gated community is equipped with CCTVs

The first 26-storey block to be launched next month would be completed in 2013 while the entire project is expected to be completed in seven to 10 years.

Lim said the selling point of Quayside Seafront Resort Condominium, besides the signature waterpark and clubhouse, is its proximity to Straits Quay -- a 12.4-acre retail enclave with serviced suites and a marina to boot.
Straits Quay, which would be open to the public, is scheduled to be ready by year-end and boasts of amenities like 1,087 parking bays, marina with 78 berths, wheelchair accessibility, alfresco dining, boutiques, bistros, restaurants, art galleries, antique shops and also facilities for year-round performances and concerts.

Other attractions planned are boat rides for the public, water limousines for guests staying at the E & O Hotel and fishermen landing their catch on the shores of Straits Quay.

The retail outlets would be leased and managed by E & O Property Development to ensure the desired clientele are maintained.

As with other properties developed by E & O at Seri Tanjung Pinang, Lim expects the Quayside units to be snapped up as they are launched.

"In 2007, when we launched the Straits Quay serviced suites, they were sold within two weeks, while the 33 units of seafront terraces launched last June starting from RM1 million were taken up within three hours.

"This confirms that Seri Tanjung Pinang is a desirable address for residence among foreigners and also locals alike.

"Within our development, including the earlier phases of terraced houses and the serviced suites, we have buyers from over 12 countries," she said, adding that the Quayside project was also targetting buyers from Singapore, Hong Kong, Indonesia, the UK, Australia, Japan and South Korea.

Promotions have also been held at boatshows overseas to attract the boating community due to the condominium project's proximity to the marina.

Quayside Seafront Resort Condominium

http://farm5.static.flickr.com/4001/4227040519_4055b0382d_o.jpg

http://farm5.static.flickr.com/4059/4345782076_bab753a960_b.jpg

I was very impressed by the Quayside after visiting an overseas E&O show room. Unfortunately the newly launched block 1E cost about RM200 psf more than the previously launched block. Maybe the increase can be justified for selected units because it has a better view all round, i.e. Marina view, water park view, Georgetown view, morning sun, in addition to the ocean view.

Does anybody know what is the take up rate for block 1E so far?

Are there many re-sale (sub sale) of the earlier launched block 1D presently. If yes, are they being advertised lower than original developer's launch price? (horrors if it is yes!!!)

Care to comment how's the rental potential for such a unit?

Hi, tennisguy,

I went to the onsite showroom in April. An E&O agent took me to the construction site of the Straits Quay. I was so impressed with the quality that I booked a unit in Block 1E after returning to the showroom.

I am not sure about the take-up rate for Block 1E; my guesstimate is about 25-30%. (Please correct me if anyone has the information.)

I don't think there is any sub-sale or re-sale yet, because the deal offered by E&O is that, after paying the 10% down payment, E&O will meet the interest payment of the 90% during the construction over the next 3 years. In the way, buyers are given 3 years to capture the capital gains (if any). So, I suppose there will be units up on the market for re-sale after that.

On rental potential, most terrace houses are currently asking for 3.5-6K. Say, if those terrace houses can be rented out for 4.5K, I believe the larger Quayside units (2500 sq.ft.) could probably fetch about 5.5-6K, given the views and the facilities. So, given the current price differences between the terrace houses and condos, I think the terrace houses are probably a better buy if you are looking for rental yields.

I think there are still units available in Block 1D, including some with a seaview. The prices are kept unchanged, although the discount has been reduced. Nonetheless, compared with those in Block 1E, the prices are at least 10% lower. So, I think the remaining units in Block 1D are a better buy, if you are considering the Quayside condos. You may ask, why I bought a unit in Block 1E instead. Actually, I had a struggle with the choice in my mind. I went for the Block 1E at the end because of the views (Anderman on one side and Gourney on the other).

:drool:

Hi Golfmywife,

It has been over 2 months since I visited the sales office, glad to say that I have eventually bought a unit in block 1E. In the end I opted for the stack with the best view and facing (in my opinion) of all the units in Quayside but had to pay for such a premium. My unit faces the beautiful turquoise coloured Andaman sea to the north and City view/Gurney drive/Marina/waterpark to the southeast. There isn't any left in block 1D that could offer such an amazing view from both sides.

From your description, it looks like we both bought the same stack in 1E?

http://farm6.static.flickr.com/5122/5283989106_f96ba912a7_b.jpg
http://www.flickr.com/photos/watg/5283989106/
http://farm6.static.flickr.com/5050/5283988954_1bda633ff7_b.jpg
http://www.flickr.com/photos/watg/5283988954/

I just placed booking fees for two units in block 1E, sea facing
but now I am not too sure shall I go ahead with the purchase ???

So fake looking, I hate it. Penang deserves better!

PS I can see my relative's building in this pic!

http://farm5.static.flickr.com/4136/4891669582_f3d0dfd0e5_b.jpg
http://www.flickr.com/photos/benjamin1019/4891669582/

http://farm6.static.flickr.com/5092/5420921232_8e1c8974da_b.jpg
http://www.flickr.com/photos/xenohawk/5420921232/
http://farm6.static.flickr.com/5259/5420286641_d168618b10_b.jpg
http://www.flickr.com/photos/xenohawk/5420286641/
http://farm6.static.flickr.com/5218/5420293107_1cf47b70bd_b.jpg
http://www.flickr.com/photos/xenohawk/5420293107/
http://farm6.static.flickr.com/5252/5420295665_7814544e8d_b.jpg
http://www.flickr.com/photos/xenohawk/5420295665/in/photostream/

what r they building...

what r they building...

Straits Quay @ Seri Tanjung Pinang..

http://www.straitsquay.com/103/assets/Image/page_STP.jpg
http://www.straitsquay.com/location/seri_tanjung_pinang

http://biz.thestar.com.my/archives/2007/10/22/business/SeriTanjung.jpg