Penang’s largest masterplanned waterfront community

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A unique world-class waterfront development Seri Tanjung Pinang is the newest address to join the international list of world-class waterfront communities including the Palms in Dubai, Australian’s Sovereign Island and Sentosa Cove in Singapore. Yet what makes Seri Tanjung Pinang truly unique is the island of Penang itself – painted by history, set to the easy rhythm of the sea and enriched by a grand colonial past.

When completed, it will offer investors and homeowners a range of opportunities including:

Luxurious residences – private detached homes, spacious semi-detached homes, airy courtyard terrace homes, luxurious service apartments and condominiums, island homes
Waterside – a festive marina for international yachting enthusiast and the waterfront retail and commercial hub that will be the vibrant new destination on the island of Penang
World-class infrastructures including schools and roads that will link Seri Tanjung Pinang to the rest of the island.

Seri Tanjung Pinang is located at Tanjung Tokong on the northeast coast of Penang. Approximately 5km from Georgetown, it is just a short hop from Penang’s famed tourist strip along Gurney Drive and a leisurely car ride away to the beaches of Batu Ferringghi.

LIKE DANCING WAVES PAINTED BY DAWN’S FIRST LIGHT. LIFE HERE IS LIKE A SHIFTING CANVAS OF COLOURS

The focus of Phase One of Seri Tanjung Pinang will be its bustling marina, with its large variety of retail and leisure outlets, consisting of art galleries, boutiques, outdoor cafes and an entertainment complex.

Other commercial areas will also be available for the astute entrepreneur who wishes to take advantage of the huge potential in this exclusive neighbourhood.

More options for accommodation will be available in the future, in the form of condominium and also island homes when the development of a series of island off the coast is complete.

The exciting future of Seri Tanjung Pinang is already on the horizon and will set a new standard for seafront developments in Penang.

Marina and retail at Waterside
Seri Tanjung Pinang’s Waterside will be the heart and soul of the development. A stone’s throw from the courtyard terraces and condominiums, the Marina will ensure that residents and visitors have plenty to see and do.

The luxury festive Marina at Waterside will have berthing bays for both local and international yachting enthusiasts. A boat ramp leading into the water will provide access for a host of watersports activities, creating the perfect background to the lively shops, cafes and breezy walkways along the Promenade.

Inspired by the favourite pastime of Penangites, the Promenade is a 500-metre cobblestone pathway. Strollers can take in the morning sun, watch the waves rolling by or stop for a cup of tea along one of the many alfresco bistros.

Marketplace, the festive retail hub occupies the ground- and first-floors of Waterside. Fashioned after the best waterfront shopping destinations in the world, with a Penang flavour, Marketplace offers visitors a festive and colourful lifestyle. Two grand lobbies and 5 classic spiral staircases make this a truly unique shopping venue.

Condominiums
In its premier location at the northernmost cape of Seri Tanjung Pinang, nine medium-rise towers spread over 21 acres offers the lowest density condominium community in Penang.

All units have been designed with broad windows and balconies to maximise the panoramic vistas of the sea, the bustling marina or the sparkling lights of Georgetown by night.

This exclusive development is gated and guarded, with fully landscaped gardens and a sizeable clubhouse that includes swimming pools, tennis courts, gymnasium, games and event rooms.

A seafront promenade links the condominiums to the neighboring marina and retail landmark, which offer a variety of restaurants, shops, sports and entertainment.

Commercial
Commercial opportunities abound in this area as there will be high traffic from the influx of residents to this exclusive development.

The landmark marina and retail precinct, as well as the larger commercial parcels ideal for enterprises such as hypermarkets, will draw many visitors and tourists.

Recreational park
The recreational park at Seri Tanjung Pinang will be an oasis where residents and visitors can walk or jog, in the cool breeze of the early mornings and evenings.

Beautifully landscaped, the park at the northeastern point of Seri Tanjung Pinang will be a place where everyone can enjoy the outdoors, picnic and play in safety and peace.

Multi-Islands
As Phase One of Seri Tanjung Pinang is being completed, an additional 740 acres is being developed seawards to include a spectacular series of islands. Together, the 1,000 acres will be the largest waterfront community in Penang’s history. It will offer homeowners a wide mix of residences built to take in all the pleasures of seafront living.



MASTER PLAN
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for more info, logon to http://www.seritanjungpinang.com

cool cool cool!!!!

All is Water Front Project.... From Tanjung Bungah, to Jelutong To QueensBay....

Walau eh... got so high demand or not?

The shape of Penang Island (Turtle Shape) is going to change to Fat Turtle liao.

by studioeth

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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.

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Site Plan
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More info: http://www.seritanjungpinang.com/stp/index.cfm?sc=60&cm=3

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Suites at the Waterside

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E&O opens "Suites at the Waterside" for sale
E&O Property Development Bhd has recently opened for sale its service apartments on Penang Island called “Suites at the Waterside”.

Built around the Waterside at Seri Tanjung Pinang, the one and two-bedroom service apartments is located on a 4.8ha site and will feature a pleasure marina, waterfront promenade, retail marketplace and a five-storey lighthouse named “The Beacon”.

The developer is offering 160 units that front the sea and surrounding areas that emulates several of the world’s renowned waterfront destinations in Australia, the Mediterranean and the United States.

Buyers will have four floor plans to choose from, with built-up areas ranging from 853sq ft to 2,568sq ft with prices tagged from RM445,000 to RM1.246 million per unit. The serviced apartment is scheduled for completion by 2010.

E&O Property said, “The suites are rather unique in that they are richly-decorated. Internal floors are covered in teak timber and maximising the picturesque sea views are full-length windows.

“There are also fitted wardrobes, light fittings, air conditioning units as well as stylish designer kitchens complete with branded appliances.”

Residents will also be pampered in five-star fashion, with a full range of hotel-style, pay-on-demand services such as housekeeping, concierge and food and beverage.

“Our aim is Seri Tanjung Pinang to be on par with some of the world's most desirable resort destination to live in, sail in and vacation,” E&O said.

E&O Property Launches Luxury Seafront Villas in Penang
E&O Property Development Bhd offers exclusive luxury seafront living with its latest launch, Villas By-The-Sea within Seri Tanjung Pinang on Penang Island
Jan 2, 2008

E&O Property Development Bhd is offering exclusive luxury seafront living with its latest launch, Villas By-The-Sea within Seri Tanjung Pinang on Pen
ang Island.


Launched on December 15, 2007, Villas By-The-Sea is the result of a joint-venture between E&O Property, Al Salam Bank of Bahrain and CIMB-Mapletree Real Estate Fund 1 Sdn Bhd.

Stretching over 15 acres of freehold land, with 750 metres of sea frontage, it is one of Penang Island’s largest seafront developments. The project is located minutes’ drive from Gurney Drive, Penang’s premier seafront promenade which is lined with restaurants, shops and recreational areas.

The exclusive villas with Caribbean-inspired architecture are priced from RM2.75 to RM7.5 million and scheduled for completion in mid-2009.

There are three different types of villas on offer: Martinique, Abrezza and Skye stretching over 15 acres of freehold land, with a total of 750 metres of frontage facing the Andaman Sea and Straits of Malacca, offering discerning buyers clear views of the sea.

While the Martinique villas are located right by the sea, the Abrezza and Skye villas are located just beyond with equally inviting views. All three types of villas have unique layouts that encourage interaction between the indoor and the outdoor with generous windows, high ceilings, spacious terraces and verandas adding to the charm and allure of the villas.

Modelled after the Caribbean-style plantation mansions, the Martinique two-storey villas comprise five plus one room with built-up areas from 9,043 sq. ft. These villas offer sea frontage of up to 24 metres, with spectacular views of the sea from the pavilion, bedrooms and dining room. The spacious guest pavilion, another unique feature, gives homeowners unobstructed views of the pool, garden and sea.

Abrezza three-storey villas comprise six plus one rooms with built-up areas of 5,332 sq. ft and are designed with balconies, patios and terraces wrapping the villa on all four sides. The grand living room is designed for entertainment, while the master bedroom has a spacious hotel style master bathroom with a long bath and equipped with premium Kohler sanitary fittings.

The three-storey Skye villas comprise five plus one bedrooms with built-up areas of 5,193 sq. ft for intermediate units and 5,283 sq. ft. for corner units. The unique façade creates airiness with tall windows and generous double-volume living spaces. The dining area opens out into the garden, ideal for alfresco dining while a suspended walkway on the third floor overlooks the family room.

Reflecting the Caribbean theme, the living/dining and dry kitchen areas of all the villas are laid with imported Italian Botticino marble while the luxurious bedrooms and guestrooms are covered with high-end Burmese teak flooring.

All rooms come with en-suite bathrooms, with the master bedroom covered in Arabescarto marble. The kitchen is equipped with a modern kitchen cabinet system and state-of-the-art appliances including an open concept dining and living area perfect for intimate parties and grand functions.

The exquisite villas are part of Phase 1 of Seri Tanjung Pinang conceptualised by renowned architectural firm Wimberly Allison Tong & Goo, and designed by local architect GDP whose portfolio includes Hampshire Park and The Ascott in KL and the restoration of the Eastern & Oriental (E&O) Hotel on Penang Island.

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I wonder what are they building now.......condo?
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I heard some of the residential houses are ready is it? I have a friend who's moving in already.

really thank you, Venycal.
Thanks for the photos.

my sister moved in into one of the terrace house...her unit is corner lot... you cant do exterior renovation..

^^Nice! Are the facilities ready yet? I.e, security etc.

Hopefully Tsunami will no occur...if not the houses will be devastated.

There's a makeshift guard post at every road entrance there. At least since my last visit 3 months ago. Since it's cul-de-sac, the presence of one security guard is enough for time being. Sea breeze was wonderful

From Youth Park few months ago

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Nice view.

Hopefully Tsunami will no occur...if not the houses will be devastated.

One should be more concerned about their safety rather than worrying about some rare natural disasters that might not ever happen again in their lifetimes...

E&O finalising concept for 2nd phase of Seri Tanjung Pinang


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

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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."

Resort lifestyle at its best

Seri Tanjung Pinang shows what the height of luxury living is all about

Never before in Malaysian history have so many people had so much to spend on their homes, and this is causing an explosion of projects in the luxury residential development sector.


At the core of this phenomenon are the demographics of the buyers. Aged between 46 and 62 (meaning they are born between 1946 and 1962), they have lots of money – more than any previous generation – and are willing to pay for properties that fit their lifestyles.


Instability in the stock market, along with escalating real estate values, low interest rates and a desire to own homes with resort-style themes are boosting the popularity of luxury residences in such settings.


Being used to affluence, this group of buyers are willing to go where their lifestyle pursuits can be met at levels beyond their expectations.


This explains the warm reception that has been given to E&O Property Development’s (E&OPD) latest signature houses in its Seri Tanjung Pinang (STP) project in Penang island.


One-of-its-kind designs
The developer has conceptualised limited-edition and one-of-its-kind units and experiences to set them apart from anything else the market has to offer.


On one of the last pieces of prime real estate in STP’s 240-acre phase one, E&OPD together with Al Salam Bank (of Bahrain) and CIMBMapletree Real Estate Fund 1 Sdn Bhd (a private real estate fund managed by CIMBMapletree Management Sdn Bhd), took a giant leap to create exquisite seafront villas.


The 15-acre freehold site commanding a 750m frontage onto the Straits of Malacca will accommodate 40 “Villas-by-the-Sea”, as they are called, ranging from RM2.63 million to RM7.1 million.


Although the idea behind their designs revolves around maximising the views of the pristine Andaman Sea, the feeling of warm sea breezes and the sound of waves lapping on the shores through the use of large window openings, high ceilings, and broad verandahs, each villa will be of different sizes and have unique features to suit various lifestyles.





Unique features and amenities
The Skye By-The-Sea design, for example, will have a unique suspended walkway leading to a sunroom on the topmost level, spacious double-volume spaces in the breakfast and family areas, and an open dry kitchen with a central island that will be visible from the more formal dining area.


In all, 20 units of these three-storey villas sitting on plots with typical dimensions of 50ft by 100ft and with between 5,193sq ft and 5,283sq ft of built-up space are available for between RM2.63 million and RM3.1 million.


At the same price range, there is also the larger Abrezza By-The-Sea villa. With 5,332sq ft of builtup space, the six-plus-one bedrooms in its three levels will include a sizeable guest room/office complete with an attached bath on the ground level as well as a master bedroom with a private study nook.


Other highlights will be an outdoor patio straddling a water feature and several balconies on the upper floors.



Unobstructed view of the ocean
At the top of the designer range will be Martinique By-The-Sea. Described by E&OPD as “an extremely luxurious mansion, inspired by the grand plantation manors of the Caribbean and the sea”, only four will be built.


Each will have private sea frontages to provide unobstructed views of the ocean, widths of approximately 80ft and lot sizes of between 11,275sq ft and 12,860 sq ft.


Spread over two levels, the highlight of the 9,043sq ft “grand villas” has to be the tension-edged private lap pool that, from the dining area, appears to reach out to join the sea’s horizon.


The pool will be flanked by a large high-ceiling guest pavilion on one side and a guest suite complete with an en-suite bathroom and walk-in wardrobe on the other.


In the open-concept designer kitchen that will open out to a spacious internal courtyard and across onto the dining area (which will also have ocean views as its backdrop), there will be a huge central island, fitted kitchen cabinets, a refrigerator, cooker hob-and-hood, oven, microwave, water dispenser and dish washer. On the upper level will be a family hall and four bedrooms. Of these, three will look out to the sea, while the Arabescarto-marble master bedroom will also have a “secret garden”.




The design of the four Martinique bungalows with 9,043sq ft has been inspired by grand plantation manors of the Caribbean

Rarity at a price
Of the four Martinique villas, two have already found owners while the completed display villa is not for sale, despite the price tag ranging from RM6.65 to RM7.1 million.


The Skye villas will have between 5,193sq ft and 5,283sq ft of built-up space. For the Syke and Abrezza villas, a third of them have also been spoken for, with 90 per cent of their owners being Malaysian baby boomers who appreciate and are willing to pay for luxury.

Lim Lay Ying is managing director of Research Inc. (Asia), a company specialising in market research and consultancy for all facets of real estate development.

Article By New Straits Times (by Lim Lay Ying)

Seaside Villas

Seri Tanjung Pinang’s Villas By-The-Sea is a joint venture between E&O Property Development Bhd (E&OPD), private real estate fund CIMB-Mapletree Real Estate Fund 1 Sdn Bhd and its partner Al Salam Bank of Bahrain.

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Launched in mid-December last year, these freehold villas, sited on Penang island, are priced from RM2.75 million to RM7.5 million. They are expected to be ready in mid- 2009.

CIMB-Mapletree Management Sdn Bhd chief executive officer Raja Noorma Othman said this project represented its maiden foray into the upscale residential market in Penang, which has been made more exciting with the entry of its Middle Eastern par tner Al Salam Bank.

“We are confident this joint venture will strengthen our position in the international luxury proper ty market and pave the way for fur ther developments in this high-growth market.”


Tropical modern and Caribbean-inspired architectural features can be seen in the three different types of villas: Mar tinique, Abrezza and Skye that stretch over 15 acres of freehold land.

Interaction between the indoors and outdoors with generous window openings, high ceilings, spacious terraces and verandahs are the other characteristics of these villas.

This project has almost 750m of frontage facing the vast Andaman Sea and Straits of Malacca. E&OPD director of marketing & sales K C Chong said what made the villas unique is their prime location which is just minutes away from Gurney Drive.

The villas also set another benchmark in sophisticated living that is unparalleled in Penang. The living or dining and dry kitchen are laid with impor ted Italian Botticino marble while the luxurious bedrooms and guest rooms are covered with high-end Burmese teak flooring.





All rooms come with ensuite bathrooms, with the master bathroom clad in Arabescarto marble.

The villas are equipped with wet and dry kitchens, with the latter complete with modern kitchen cabinet system and appliances as well as open concept dining and living areas that are ideal for intimate par ties and grand functions.

Hot and cold water are available in the kitchen and all bathrooms, including the maid’s room.

Modelled after the Caribbean-style plantation mansions, the two-storey Martinique has five plus one rooms. It offers sea frontage of up to 24 metres and sea views from the pavilion, bedrooms and dining room.

Each unit has its own tension-edged lap pool that stretches out to the sea. The spacious guest pavilion, another unique feature of the Mar tinique, lets owners take in the unobstructed views of the pool, garden and sea.

An open-to-the-sky courtyard within this mansion seamlessly combines indoor and outdoor living. Martinique has a land area of 11,275 to 12,860 sq ft and a built up that star ts from 9,043 sq ft

The three-storey Abrezza, with six plus one rooms, has an area of 4,999 to 6,840 sq ft and built up of 5,332 sq ft. It is designed with balconies, patios and terraces on all four sides so that cool breezes flow through to dispel the tropical heat.



Its grand living room, indulgent master bedroom suite and spacious hotel-style master bathroom that is clad in Italian Arabescar to marble, a long bath and finished with premium Kohler sanitary fittings.

Skye’s unique façade allows a column of sky to seemingly flow into the house, with tall windows and generous double-volume living spaces, including family and dining areas for added grandeur.

Its dining area opens out into the garden to allow flexibility of alfresco dining at home, combining indoor and outdoor living spaces. Its spacious island-style kitchen is a more efficient layout and lends it a modern look.

Check out its suspended walkway on the third floor, overlooking the family room. Skye is also a three-storey villa but it has only five plus one rooms.

It has a land area of 4,999 to 7,800 sq ft and built up of 5,283 sq ft for the corner units and 5,193 sq ft for the intermediate units.

E&O’s villas by the sea

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The spacious and airy interior of a bedroom in the Martinique show unit

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.

By theSun (by Diana Chin)

Penang goes posh

E&O launches seaside bungalows

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.

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


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.”

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One of the corner unit
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E&O ACACIA Phase 1, completed
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Building a reputation
Interview with K.C. Chong, Director of Marketing and Sales, E&O Property Development
by Property Report SMIAdvertisement

Seri Tanjung Pinang is one of the largest waterfront residential construction projects in the region. How did the idea come about, considering there’s little precedent in Malaysia?
E&O Property Development Berhad (E&OProp) actually revived this project, which had stalled during the Asian financial crisis. The site, which is north of Georgetown, had been partially reclaimed and eventually abandoned [by the UEM Group]. When E&OProp took over the project in 2003, our vision was to create a new destination that pays tribute to historical Penang, while stimulating new growth, energy and focus on the island’s seafront.

Historically, Penang made its name and wealth from the sea, as a lucrative trading port. We aim for Seri Tanjung Pinang to be an exciting, internationally recognised seafront destination, in the same way that Sentosa Cove and The Palms are making headlines for Singapore and Dubai respectively, attracting positive publicity and pride, and creating jobs, investment, tourism and business opportunities.

How have you addressed concerns over the stability of reclaimed land, which is not as common in Malaysia as it is in Singapore and Hong Kong?
We employ the Sand Replacement Method of reclamation that has been successfully used in Singapore’s Tuas Biomedical Park 2, Hong Kong Disneyland, Betuweroute Railway in the Netherlands and Palm Jumeirah in Dubai.

In terms of education and awareness, we have regular talks and presentations, plus a booklet explaining our reclamation method. In fact, the positive feedback evident in our sales take-up reflects the fact that land reclamation is becoming more accepted, especially as prime land becomes increasingly scarce.

It has been said there was no such thing as a RM735,000 house in Penang when E&OProp launched Seri Tanjung Pinang. How did you convince potential buyers of the project’s value, both as a lifestyle residence and an investment?
Our maiden launch, the Ariza courtyard terrace homes, was priced at RM735,000. In terms of space planning, built-up area, design and fittings, our terraced homes are equivalent to the standard of most semi-detached homes and even the typical two-storey detached home available in Penang.

The main attraction is that as an integrated master-planned community, Seri Tanjung Pinang offers freehold landed properties in a prime location. It’s clear that buyers have been convinced, as all 257 units have been sold since Ariza was launched in October 2005. We’ve since sold semi-detached and detached homes worth up to RM7 million each, and launched over RM600 million worth of properties.’

What has surprised you most about the buyers’ response to the various launches so far, and have sales achieved the international diversity you were hoping for?
We’ve been pleasantly surprised that many of our buyers are repeat purchasers of E&O Property products. Some owners have bought more than one property within Seri Tanjung Pinang, while there are others who are also buyers of our properties in Kuala Lumpur.

Apart from those from Malaysia, we also have buyers from the UK, Denmark, Middle East, Australia, Taiwan and India to name a few. In terms of families living at Seri Tanjung Pinang, there’s a good international mix, with many expatriates choosing to rent homes at Seri Tanjung Pinang.

How well is Penang recognised internationally?
Penang has long been known as the ‘Pearl of the Orient’, famous for her beaches, heritage sites, rich history and culture. It was also recently voted the 10th most liveable city in Asia due to its infrastructure and accessibility, political stability and security, a well educated English-speaking workforce, top international schools, medical facilities and affordable cost of living.

Furthermore, the Malaysian government’s incentives towards foreign ownership of property and the Malaysia My Second Home (MM2H) programme have resulted in Penang having the highest number of foreigners under the MM2H programme. Overall, Penang is currently experiencing strong demand for a wide range of real-estate products, especially landed residential units, due to a scarcity of land on the island and a corresponding increase in land prices.

How will the proposed Northern Corridor Economic Region (NCER) infrastructure developments help Penang’s development?
The NCER is generally about developing rural developments and agricultural growth in Perlis and Kedah, for Penang it’s focused on turning the island into an integrated logistics hub. Plans for Penang are centered on infrastructure developments including the Second Penang Bridge, Penang Outer Ring Road, Butterworth Transport Terminal, Penang Monorail and the expansion of Penang Airport.

As such, property values and property demand will increase with improved public transport and better regional connectivity, due to both the airport expansion and the new low-cost carrier airport. By attracting more tourists, Penang will entice more visitors to own a holiday home or participate under the MM2H programme and settle. Furthermore, the increased employment opportunities created by the NCER plan, forecast to increase to over 4 million in 2025, will increase the island’s population and create greater demand for housing.

How do you view The Light, on the coast south of Georgetown: as a competitor or a complementary waterfront development?
Overall, The Light is more focused on commercial properties whereas Seri Tanjung Pinang is more focused on residential. It’s being undertaken by a reputable developer, so we look forward to The Light as another waterfront project that will help Penang’s positioning as a yachting haven in Asia, as well as promoting Penang internationally as a tourist and property-investment destination.

How much of Seri Tanjung Pinang is complete and what’s the timeline for the remainder of the development?
All of the reclamation for the 240-acre phase one (the ‘headland’) is complete, and 60% of the physical structures are complete or under construction. All of phase one, including the marina and commercial properties, will be completed within the next six years.

How have sales been?
All of the Ariza courtyard terrace homes (257 units) and the Avalon semi-detached homes (60 units) are sold out, while 85% of the Suites at Waterside (160 units) has been sold. About 95% of the bungalow parcels have been sold.

Although Phase One is similar in scale to Sentosa Cove, Phase Two is on another scale altogether, covering 740 acres of man-made islands. What’s the construction timeline for this?
The concept has recently been approved in principle by the State Government and we’re now in the process of obtaining all the necessary approvals. We’re aiming to start reclamation of Phase Two by the end of 2009.

In the past two years, E&OProp has completed three major residential projects in KL. How has the response been and how have values increased?
Last year, we completed Dua Residency, a 288-unit condo on five acres on Jalan Tun Razak in the KLCC vicinity, and have sold 92%. Units were launched three years ago at an average of RM600psf and have now achieved RM1,000psf, an appreciation of more than 60%.

We’ve fully sold Idamansara, which comprises 82 semi-detached and nine detached homes on 13 acres in Damansara Heights, and was also completed last year. As an example of rising values, a detached unit launched at RM3 million in May 2006 was going for RM4 million in the secondary market last August.

We have also sold out Seventy Damansara, 12 detached homes in a 2.4-acre gated-and-guarded community, which was completed in early 2006.

Was it always E&OProp’s intention to focus on high-end residences?
Our origins stem from our luxury heritage Eastern & Oriental Hotel in Penang. In leveraging the E&O brand across the Group, we’ve become associated with luxury property.

E&O’s is positioned as a developer of innovative, high-quality products at every level, be it high-end or otherwise. As our business strategy is focused on building properties in the most prime urban locations, where land is highly prized, it follows that our product offerings are within the luxury residential segment.

What upcoming launches are you planning?
Within the next three years, E&O Property will be launching properties worth over RM4 billion. This year, in Seri Tanjung Pinang, we’re set to launch the Acacia semi-detached homes (68 units) in the second quarter of this year and some condominium units in the third quarter.

We also have a host of upcoming projects in Klang Valley. In the third quarter, we’ll launch serviced apartments on the old St Mary’s School site plot on Jalan Tengah, in the Golden Triangle. This is a 50-50 joint-venture with the Lion Group. We’re also set to launch a project on Jalan Yap Kwan Seng by the end of the year.

In 2009, we’re scheduling to launch projects in Jalan Conlay, Jalan Gallagher in Bukit Tunku and Jalan Teruntung (The Peak) in Damansara Heights. In 2010, we’re set to launch a joint venture with Selangor Properties on Jalan Semantan in Damansara Heights.

Overall, including the 980 acres for Seri Tanjung, we have a land bank of about 1,700 acres, principally located within Klang Valley and Penang.

How has E&O Property Development Bhd been progressing financially since its emergence on Bursa Malaysia in October 2003?
Our annual revenue has risen from almost RM400 million in 2003 to over RM700 million last year. Our profits (attributable to shareholders) have risen from almost RM16 million in 2003 to over RM134 million last year.

For a relatively new player, we’re also gaining greater recognition. E&OProp was ranked number five in the property sector (according to Bursa Malaysia’s Market Capitalisation Ranking last July), and we were listed among the country’s top 10 developers in The Edge Malaysia’s Top Property Developers Awards for 2007.

The prices for Malaysia’s high-end property, such as in KLCC, are very favourable compared to Singapore. Do you think it will always remain so if Singapore and Hong Kong remain the region’s key financial hubs? Or can you see a day when KL prices are comparable?
KL prices will certainly appreciate further, especially in residences in prime locations such as KLCC and Damansara Heights where land available for development is becoming scarce.

The city is benefiting from the buoyant property market in the Asian region, and given our proximity to Singapore, our own real estate sector enjoys spill-over effects. But for the time being, KL is still playing catch-up to Hong Kong and Singapore where land and population pressures are far more prevalent.

Does E&O Prop have any plans to expand into Singapore and Indonesia, for example, or will you remain focused on Malaysia in the near future?
We’ve been approached by certain parties and we remain open to assessing new partnership opportunities if they’re focused on premium developments in prime locations. However, although we consider overseas ventures, we remain cautious because we believe property development is a localised business. Our home base is Malaysia and this is where we know our business best.

We’re confident there’s still great potential in the Malaysian property market, but we need to be creative, innovative and aggressive in our marketing efforts abroad, by going global to bring international buyers to Malaysia. An example of this was the opening of our E&O Property Sales Gallery in Singapore, which has helped reach a regional audience and raise E&O’s profile.

Aside from property, what other ventures is the E&O Group pursuing?
There are ongoing efforts to capitalise on the hotel management expertise currently available and extend this service to enable the Group to eventually manage a portfolio of hotels and resorts within Malaysia as well as around the region.

Recently, EOB embarked on a new food-and-beverage venture by acquiring a substantial stake in The Delicious Group, which currently operates Delicious restaurants in One Utama (Petaling Jaya), Bangsar Village II (KL) and Marc Residences (KL), as well as D’lish in Bangsar Village I and Mid Valley Megamall. With F&B to be closely linked to lifestyle in the larger mindset, synergies are evident in strategic positioning of Delicious restaurants in the prime commercial and retail properties that E&O will retain, providing cuisines that are in line with the lifestyle of its urban developments.


E&O Group
E&O Property Development Berhad (E&OProp) has been the property development arm of Eastern & Oriental Berhad (EOB), which is listed on Bursa Malaysia. However, E&OProp and EOB are currently undergoing a merger that will see both listed entities emerge as one enlarged E&O Group.

Prior to the formation of E&OProp in 2003, EOB undertook several property projects within Kuala Lumpur, including residential developments such as Sri Se-Ekar and 202 Desa Cahaya along Jalan Ampang’s ‘Embassy Row’, and Kampung Warisan, conceptualised by cartoonist Datuk Lat.

E&OProp’s focus is on building premium homes within Klang Valley and on Penang Island. In the past three years, the company has completed Dua Residency, a 288-unit condo in the KLCC vicinity; Idamansara, 82 semi-detached and nine detached homes in Damansara Heights; and Seventy Damansara, 12 detached homes within a gated community, all in KL. Presently the company’s biggest long-term project is Seri Tanjung Pinang, a seafront residential project on Penang Island that will be built on 980 acres of reclaimed land.

EOB has two other core business activities: property investment, and hospitality and lifestyle. The property investment division’s core mandate is the acquisition of select landbanks and properties. In the late 1990s, EOB undertook the refurbishment and upgrading of the heritage Eastern and Oriental Hotel (E&O Hotel) as well as Lone Pine Hotel. Also as part of its hospitality and lifestyle division, EOB recently acquired a substantial stake in The Delicious Group, which currently operates five Delicious and D’lish restaurants in KL.

www.eoprop.com
www.easternandoriental.com

K.C. Chong is Director of Marketing and Sales, E&O Property Development. He joined E&O Property Development Bhd as Marketing and Sales Director in September 2005. Chong was the Marketing and Sales Director for Tan and Tan Development Bhd from 1989 to 2002, and eventually assumed the position of Senior General Manager, Marketing and Sales following the merger with IGB Corporation Bhd.

He has over 25 years experience in the field of marketing, construction and property development. He has been involved in pioneering projects such as Sierramas, Hampshire Park, Bentong Hills Orchards and Gleneagles Intan Medical Centre, and now the Seri Tanjung Pinang waterfront development in Penang.

Chong holds a BA (Hons) in Economics from Coventry University and an MSc in Marketing from the University of Manchester’s Institute of Science and Technology, both in the UK. He’s a member of the Chartered Institute of Marketing, UK, and a member of the Urban Land Institute, USA.

by Mr & Mrs Stickyfingers

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THE SUITES AT WATERSIDE
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Sri Tanjung Pinang & several Condos
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The bungalow and semi D in Seri Tanjung Pinang sold out.... new launching will be a 7 Residential towers(5 highrise & 2 lowrise) with a huge swimming pool!!

Launching probably end of Oct/Nov, but not in Malaysia.
E&O will bring the project to shanghai, taiwan, hong kong, singapore, Korea, japan, australia and finally to malaysia.

price from RM750psf :nuts::nuts::nuts:

by sugree

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by sugree

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Looks like more rain is coming..

The bungalow and semi D in Seri Tanjung Pinang sold out.... new launching will be a 7 Residential towers(5 highrise & 2 lowrise) with a huge swimming pool!!

Launching probably end of Oct/Nov, but not in Malaysia.
E&O will bring the project to shanghai, taiwan, hong kong, singapore, Korea, japan, australia and finally to malaysia.

price from RM750psf :nuts::nuts::nuts:

Is that going to happen???

750psf !!! Very high !!!

750psf !!! Very high !!!

Hope that there are no more Tsunami in the future. If there are, then you can see the price going down.

Hope that there are no more Tsunami in the future. If there are, then you can see the price going down.

Why you need the price to go down, when you think there will be tsunami. You won't want to buy anyway.:bash:

:lol::lol::lol::lol::lol:

750psf !!! Very high !!!


Yes. Consider very high la.. Btw, need to see what included in their offer la. Location is quite good. The marina nearby is going to be a happening place, plus there will be a tesco nearby soon. etcetc..

With the current economy condition, they might have hard time trying to sell it.

anyway, where is this pricing from? is it reliable? what i know is, they have not finalize it....

There'll be a Tesco nearby? Where di you hear that from?

There'll be a Tesco nearby? Where di you hear that from?

someone posted an article about that some time ago..

haizz... why not Ikea??? he he...

There'll be a Tesco nearby? Where di you hear that from?

Seri Tanjung Pinang lures Tesco
http://properties.emedia.com.my/listnews.php?propNewsID=310&CatID=N00

Penang Property: Tesco Hypermarket in Seri Tanjung Pinang
http://www.apartment-penang.com/2007/11/tesco-hypermarket-in-seri-tanjung.html

You will see more, google it yourself

Yes. Consider very high la.. Btw, need to see what included in their offer la. Location is quite good. The marina nearby is going to be a happening place, plus there will be a tesco nearby soon. etcetc..

With the current economy condition, they might have hard time trying to sell it.

anyway, where is this pricing from? is it reliable? what i know is, they have not finalize it....

That's what people said when STP first launched. Who the hell would buy a semi D at RM1.5 million in Penang? Today it's all sold out and they are building more. The Suites at Waterside 2 bedrooms service apartments also sold out. Imagine once STP is completed and mature what will the price be then?

The road from Gurney Drive to Tanjong Tokong will be very busy. Jam here and there.

That's what people said when STP first launched. Who the hell would buy a semi D at RM1.5 million in Penang? Today it's all sold out and they are building more. The Suites at Waterside 2 bedrooms service apartments also sold out. Imagine once STP is completed and mature what will the price be then?

That is when everything are booming. Look at the stock market around the world this few days. What do you feel?

I think they will not reduce the price, but the sales are definitely going to slow down.

The road from Gurney Drive to Tanjong Tokong will be very busy. Jam here and there.

Balik Pulau will never jam. :banana::banana::banana:

Balik Pulau will never jam. :banana::banana::banana:

Yeah, but the connecting road always have landslide every time there is heavy rain. Unless you don't need to go to the east part of the island of course, else use the twisty road to Teluk Bahang.

http://img.photobucket.com/albums/v730/Greg8000/tanjungpinang.jpg

^^cool project...

^^ interesting... design looks kinda... boring...

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Yeah, but the connecting road always have landslide every time there is heavy rain. Unless you don't need to go to the east part of the island of course, else use the twisty road to Teluk Bahang.

That's the point

http://img.photobucket.com/albums/v730/Greg8000/tanjungpinang.jpg

Is this related?? No idea what is this

Is this related?? No idea what is this

definitely not..those low cost condo actually situated around low cost houses ..

definitely not..those low cost condo actually situated around low cost houses ..

Oh.. i mean the photo post by Greg. And who is the developer? UDA or E&O?

mybe we should ask Greg... hehe..

Oh.. i mean the photo post by Greg. And who is the developer? UDA or E&O?

E&O the developer for Seri Tanjung Pinang

http://www.seritanjungpinang.com/stp/index.cfm?landing=true

E&O delaying launch of Penang condo project
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.

Several property developers in Penang have already announced plans to defer their projects in the state, in the face of uncertain economic times.

E & O Bhd last month announced that it is reviewing its property development launches amid the current economic slowdown, and will delay the launch of the first phase of the Seri Tanjung Pinang condominiums in Penang.

The first phase was to have been launched during the company's current fiscal year ending March 31 2009. The new targeted launch date has since been pushed to the third quarter of next year.

by ROI~Bo~ROI
http://www.flickr.com/photos/roi-bo-roi/3400916737/

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^^Stunning :)

E&O gearing up for next economic upturn
By LOONG TSE MIN


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.”

http://thestar.com.my/archives/2009/6/6/business/b_22tanjongpinang.jpg
A handout image of Seri Tanjung Pinang project. E&O will be launching two new projects this year.

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.

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Developers keen to resume launches
By SHANNEN WONG


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
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Sri Tanjung Pinang

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.

http://thestar.com.my/archives/2009/8/1/business/b_25tanjung.jpg
An artist’s impression of the Sri Tanjung Pinang waterfront project.

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.

by thamws

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

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Sweet :|

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

http://www.propgoluxury.com/EN/Homes/589

From flickr

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finally nice rendering of seri tanjung pinang's long awaited condo development. check it out it's quite massive...
http://www.penang-property.com/luxuryhomes.htm
it's called Quayside

5highrise & 2 lowrise condo

^^

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E&O to launch Quayside Seafront condominium in Penang in 1Q2010
By Rosalynn Poh of theedgeproperty.com
Friday, 15 January 2010 19:06

KUALA LUMPUR; Eastern & Oriental Bhd (E&O) is set to launch the first block of its Quayside Seafront Resorts Condominium within its Seri Tanjung Pinang development in Penang in 1Q2010. The project, with a gross development value of RM1.8 billion, comprises seven blocks next to Straits Quay, an international marina and retail landmark on the island.

The first block, comprising 298 units, is expected to be ready in January 2013. According to the developer, the water-themed tropical resort will be the first-of-its kind in the region. It features a 4.5-acre signature water park and clubhouse at the centre core of the 20.8-acre freehold tract. It also includes a 6.9-acre tropical garden, as well as one tennis court and one multi-purpose court, among other features. Five of the blocks are high-rise, while two are low-rise. The whole development has a total of 1,208 units.
Units are available in several designs, with built-ups from 1,150 sq ft to 2,680 sq ft and penthouses sized at 7,159 sq ft. Prices are from RM765,000.

E&O launched St Mary Residences in Kuala Lumpur last year, and among its significant completed projects include Dua Residency, Seventy Damansara and Idamansara in Kuala Lumpur. The developer also owns Eastern & Oriental Hotel in Farquhar Street and the Lone Pine Hotel in Batu Feringghi in Penang.

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

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.

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

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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.

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http://realtymalaysia.blogspot.com/2010/01/penang-islands-seri-tanjung-pinang.html

E&O anticipates good sales for Quayside condominiums
By Regina William of The Edge Financial Daily
Friday, 05 February 2010 21:53
GEORGE TOWN: E&O Bhd anticipates sales of between 40% and 50% of its Quayside seafront luxury condominiums in the next one to two months.
E&O managing director Datuk Terry Tham said at least 110 units or 30% of the 298 units of the first block have already been booked by prospective buyers since the soft launch of the project. Its official launch is on Sunday Feb 7.

The 1,200-unit project with a gross development value of RM1.8 billion is located within the Seri Tanjung Pinang development in Penang which is 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 development in the region to create a RM20 million 4.5-acre waterfront park exclusively for residents.
The development consists of seven blocks of condominiums, five of which are 26 storeys high with 298 units per block, while two are low-rise seven-storey blocks of 51 units each.
On Phase 2 of Seri Tanjung Pinang, Tham said a masterplan, including the environmental aspects for the reclamation works, was ongoing.
"We have a timeline until 2017 when the concession for reclaiming 740 acres ends and we will work towards that goal," Tham said during a media briefing with Quayside consultants Cynthia Jacobs, the vice-president and managing director of WATG Seattle, the Quayside concept master planner; Jerry Coburn of GCH Seattle who are the landscape architects; and security expert Richard Dimmick the managing director of GDSS Malaysia.
Also present was E&O's executive director Eric Chan Kok Leong.
Chan said the Seri Tanjung Pinang project would be the new Millionaires Row in Penang, withthe prices of properties launched in the earlier phases now being valued above RM1 million.

"It will be the upscale enclave of Penang, the likes of Damansara in the Klang Valley, as it is lifestyle living in the city with its own marina and other amenities," Chan added.
Meanwhile, Tham said E&O has scaled down the height of the annexe of the E&O Hotel from the original approved plan of 28 storeys to 15 storeys and that it would be completed by 2012.
Tham said the RM150 million project was initially scaled down to 17 storeys after it was said to contravene Unesco heritage guidelines for George Town, and now has reduced it further.
The annexe will have 139 suites, bringing the total number of suites to 240, with more restaurants, retail outlets, a podium and larger swimming pool with extensive meetings and banqueting facilities.
On the RM50 million upgrading works of E&O's Lone Pine Hotel in Batu Ferringhi, Tham said it would be completed by end-2010.

The hotel was closed down in April last year to facilitate the upgrading exercise, which will see the number of rooms increased from 50 to 90.

they need to solve the traffic jam

Quayside’s first block 50% sold after weekend launch
By Regina William of The Edge Financial Daily
Tuesday, 09 February 2010 16:34

GEORGE TOWN: E & O Bhd's RM1.8 billion Quayside seafront luxury condominiums officially launched on Feb 7 (Sunday) has reached 50% in sales for its first block of 298 units.

Initially, E & O hoped to achieve 50% sales within two months after the official launch for the units priced between RM765,000 for a 1-bedroom unit to RM4.3 million for a penthouse.

Before the official launch, since the soft launch a month ago, 30% of the units had been secured with payments made by prospective buyers.

E & O executive director Eric Chan told theedgeproperty.com the launch on Sunday was successful as sales bookings were secured with deposits by buyers.

"We are well within our target and we expect interest and sales momentum to be stronger over the next two weeks, straddling the Chinese New Year holidays," he added.
The 1,200-unit project with a gross development value of RM1.8 billion is located within Seri Tanjung Pinang 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 RM20 million 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.

The location of the project is a major attraction as the units will have a 270-degree view of the Andaman Sea, Gurney Drive and the Batu Ferringhi beaches.

The gated community is equipped with CCTV security and come with an additional 6.9 acres of tropical gardens and green lung featuring resort style living. Buyers can choose from seven design types and sizes with prices ranging from RM765,000 for a 1-bedroom unit with a built-up area of 1,137 sq ft to the RM4.3 million penthouse unit with a built-up area of 7,159 sq ft with 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. The first block will be completed by 2013, while the entire Quayside project is expected to be completed within seven to 10 years.

Is there any serious traffic jam there?

Marina scale model

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^^ boat jam :p

the architect from Seattle US

http://www.gchsite.com

From flickr

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wow, look at the mangrove trees!

From flickr

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ish mcm tsunami plak...

tadi air pasang. cantik tak macam kat atas tu..

All this mess is due to the land Reclamation by Seri Tanjung Pinang. Thanx for ruined Gurney Drive.
They should plant the whole patch there with mangrove trees, at least got a bit greenery.

Check out the VR view of the units, very realistic.
http://quaysideresort.com/home.html

^^cant open
the architect - WATG, the architect for grand hyatt hotel,mandarin oriental & st.mary projek kl
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^^ macam 90's punya building :)

^^haha yeah!!!

^^cant open


Yeah, the site use some redirecting script, might trigger your anti virus alarm. Damn web designers.:ohno:

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^^ wow!! i guess Gurney Paragon East Tower is officially Penang's 2nd tallest already!!

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ada 2 kren...
what is the project??

http://www.flickr.com/photos/maliavale/4804827729/

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^^ that is totally dirty!

http://www.flickr.com/photos/maliavale/4804827729/

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I suggest that we plant mangroves to cover all the mud and let it grow to certain height. Later, build a wooden chalet/restaurant/dataran inside or at the centre of the bushes and it can be connected with the promenade at Gurney Drive with mangrove bridges. I'm sure it will look great..:)

^^ that is totally dirty!

I suggest that we plant mangroves to cover all the mud and let it grow to certain height. Later, build a wooden chalet/restaurant/dataran inside or at the centre of the bushes and it can be connected with the promenade at Gurney Drive with mangrove bridges. I'm sure it will look great..:)

Hey guys..dun worry! those dirty mud belong to Seri Tanjung Pinang masterplan project area..!! that means Penang island will get more land to build the project here..currently just build for the 1st phase only!! :cheers:

http://img33.imageshack.us/img33/6176/16145761.jpg

If that artificial islands get built you can rest assure that the water will recede forever. For nature can not be fooled.

That masterplan is really huge. But the main problem is that the Penang Strait is so narrow. This will lead to more environmental issues in Penang waters. Pretty damn sure..:ohno:

Current dirty mud will be tomorrow reclaim land. Say good bay to sea front Gurney Drive...

http://farm5.static.flickr.com/4077/4820652988_4413b91e12_b.jpg

Hey guys..dun worry! those dirty mud belong to Seri Tanjung Pinang masterplan project area..!! that means Penang island will get more land to build the project here..currently just build for the 1st phase only!! :cheers:

http://img33.imageshack.us/img33/6176/16145761.jpg

wow...look at dat...huge!!

Current dirty mud will be tomorrow reclaim land. Say good bay to sea front Gurney Drive...

http://farm5.static.flickr.com/4077/4820652988_4413b91e12_b.jpg

yarr...I can see some bridges over there also!!!

Absolutely only for the rich and famous. Forumers like us are only able to give useless comment in this forum. So pity.

Actually Gurney Drive is not going to be reclaimed as part of the Tanjung Pinang Development. The proposed reclamation along gurney drive is for the PORR. personally, i don't like the idea of having a highway in front of Gurney Drive... i'll rather have mud there...

Actually Gurney Drive is not going to be reclaimed as part of the Tanjung Pinang Development. The proposed reclamation along gurney drive is for the PORR. personally, i don't like the idea of having a highway in front of Gurney Drive... i'll rather have mud there...

Why not? Extend the highway our a little bit, turn the reclaimed land between the current shoreline and the highway into a promenade or a coastal park.

In my opinion, PORR is needed to divert traffic away from the trunk and arterial roads in Pulau Tikus and surrounding area. People travelling from Batu Feringghi or Tanjung Bungah to George Town don't have to drive through Pulau Tikus.

Why not? Extend the highway our a little bit, turn the reclaimed land between the current shoreline and the highway into a promenade or a coastal park.

In my opinion, PORR is needed to divert traffic away from the trunk and arterial roads in Pulau Tikus and surrounding area. People travelling from Batu Feringghi or Tanjung Bungah to George Town don't have to drive through Pulau Tikus.


GREAT IDEA!! I heard tat Burma Road and Kelawai Road going to become one way very soon.

http://farm5.static.flickr.com/4136/4822899026_c048d6fc87_b.jpg

Why not? Extend the highway our a little bit, turn the reclaimed land between the current shoreline and the highway into a promenade or a coastal park.

In my opinion, PORR is needed to divert traffic away from the trunk and arterial roads in Pulau Tikus and surrounding area. People travelling from Batu Feringghi or Tanjung Bungah to George Town don't have to drive through Pulau Tikus.

because the highway will cause sound, air and visual pollution, disconnect the existing Gurney Drive with the new part and make the area less pedestrian friendly. Gurney Drive is a leisure / recreation / shopping / residential area where i think easy pedestrian access around the area is necessary for the place to be more lively and pleasing.

I'm not against PORR, i just think that the alignment which cut through parks and seafronts could be improved. problem is that more money needs to be spent to make more parts of the highway elevated or put parts of it underground, install sound proof shields etc.

http://i4.photobucket.com/albums/y150/forever_consern/DSCN1983.jpg

http://img33.imageshack.us/img33/6176/16145761.jpg

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because the highway will cause sound, air and visual pollution, disconnect the existing Gurney Drive with the new part and make the area less pedestrian friendly. Gurney Drive is a leisure / recreation / shopping / residential area where i think easy pedestrian access around the area is necessary for the place to be more lively and pleasing.

I'm not against PORR, i just think that the alignment which cut through parks and seafronts could be improved. problem is that more money needs to be spent to make more parts of the highway elevated or put parts of it underground, install sound proof shields etc.

but isnt the PORR scrapped? no news of PORR.

so sad to look at that sea.

Taken from http://www.gdparchitects.com/
by GDP Architect

http://img839.imageshack.us/img839/4365/10311877.jpg

http://img822.imageshack.us/img822/1088/76517904.jpg

Look a bit different from design above...

got shopping mall meh?


Penang's Straits Quay mall to open end-November
By Rachael Lee of theedgeproperty.com
Wednesday, 25 August 2010 17:48

KUALA LUMPUR: Straits Quay retail mall, developed by Eastern & Oriental Bhd (E&O) in its Seri Tanjung Pinang development in Penang, is scheduled for opening by end-November, E&O executive director Eric Chan said.

Chan said the retail mall is expected to house about 100 tenants, including the pewter brand Royal Selangor, Enhance Education Learning Centre, F&B outlets as well as lifestyle and entertainment outlets.

“Our aim in establishing Straits Quay was to create a unique festival marina lifestyle like no other in Penang, and to do so by putting together a mix of inimitable retail outlets and experiences,” he added.

Dubbed “the first retail marina enclave in Penang”, Straits Quay has a net lettable area of 270,000 sq ft, on a 12-acre retail and commercial development within the 1,000-acre Seri Tanjung Pinang waterfront community. Above the 2–storey mall are 217 serviced apartment suites known as "Suites at Straits Quay", which were launched in July 2007 and are in the process of being handed over to purchasers.

Royal Selangor will set up a visitor centre there – making it its second in Malaysia and the third in the world – with 4,000 sq ft of space.

The pewter manufacturer currently has visitor centres in Kuala Lumpur and Singapore, with the Kuala Lumpur centre attracting more than 150,000 local and international visitors each year.

Royal Selangor Marketing Sdn Bhd general manager Chen Tien Yue said Penang has always been an important market and currently has five retail outlets in the state.

“Like the visitor centre in Kuala Lumpur, the Penang Royal Selangor Visitor Centre will have all the key elements of a guided tour, a pewter-smithing demo area, retail and our popular visitor activity – School of Hard Knocks – in a more compact environment. But the main difference is that it will showcase our retail identity and will serve as our flagship store in the north,” he added.

http://www.straitsquay.com

http://www.watg.com/uploads/images/portfolio_F91DAF28-1372-6883-16B91AC3B73DFA59.jpg

2nd tower now open 4 sale
price from rm880k - rm7mil
xpected completion - 2013
http://www.quaysideresort.com

Thursday September 2, 2010
A royal attraction for Penang
By ANDREA FILMER



http://thestar.com.my/archives/2010/9/2/north/pewter%201.jpg
By the sea: An artist's impression of Straits Quay at Seri Tanjung Pinang, Penang.
COME December, Penang will be the proud owner of the second Royal Selangor Visitor Centre in the country.

Royal Selangor Marketing Sdn Bhd general manager Chen Tien Yue said the iconic brand would open its doors at the Straits Quay, the state’s first retail marina enclave located at the Seri Tanjung Pinang waterfront.

“Penang has always been an important market for Royal Selangor.

“The centre will give the public a better understanding of what our brand is all about, and we think this is best achieved through a guided tour and an interactive experience,” he said.

Chen said the new centre would have all the key elements of the Royal Selangor Visitor Centre in Kuala Lumpur.

“Like the centre in Kuala Lumpur, the one in Penang will also have guided tour, a pewtersmithing demo area, retail and our ever-popular visitor activity - the School of Hard Knocks (a workshop that offers visitors the experience of trying their hand at pewtersmithing),” he said, adding that the centre would serve as Royal Selangor’s flagship store in the northern region.

http://thestar.com.my/archives/2010/9/2/north/pewter%202.jpg
Coming up soon: An artist's impression of Straits Court - a gathering place for events and celebrations.

With the opening of the new centre at year-end, Royal Selangor will have a total of three Visitor Centres worldwide. (One is located in Singapore.)

The Straits Quay, developed by Eastern & Oriental Bhd, is a 4.9ha retail and commercial project.

Comprising a serviced suite component and 23,226sq m of marina and retail space for food and beverage outlets, it is scheduled for opening at the end of November.

Eastern & Oriental Bhd executive director Eric Chan said he was confident that the new Royal Selangor Visitor Centre in Penang would soon become a must-visit destination.

“Our aim in establishing Straits Quay was to create a unique festival marina lifestyle like no other in the state by putting together a mix of retail outlets,” he said.

Chan added that Straits Quay would house approximately 100 tenants and also feature boutiques, bistros, seafood restaurants, seaside cafes, bars and boat rides as well as a promenade, performing arts centre and learning centre.

E&O's retail marina set to raise bar for Penang
By Marina EmmanuelPublished: 2010/10/04


Penang's retail and dining scene is set for a fresh wave when Eastern and Oriental (E&O) Bhd (3417) unveils its first retail outlet.

http://www.btimes.com.my/articles/delish/pix_bottom


The sea-fronting Straits Quay retail marina enclave, which covers a net lettable area of 270,000 sq ft, which will be operational by the end of November.

It is expected to raise the bar for the island state, as efforts are being made by its developers to place the mall on the tourism map.

The mall which is made up of three levels and will accomodate 100 tenants, forms a component of E & O's waterfront development Seri Tanjung Pinang which is located at Tanjung Tokong on the island.

Besides boasting the entry of new local and international brands into Penang at Straits Quay, E & O is also looking to set up Penang's first performing arts centre at the same site.
"Negotiations and discussions are underway at the moment to set up a performing arts centre in collaboration with one of the foremost performing arts proponents in the country," E & O Bhd executive director Eric Chan Kok Leong told Business Times.

He also said that an arts and crafts enclave is also under negotations which is set to showcase Malaysian works, with a special emphasis on Penang craftsmen.

E & O is also set to bring its Delicious Cafe to Straits Quay.

With projected investments of RM5 million, "Delicious at Straits Quay" will serve as E&O's sixth Delicious Cafe outlet and its first foray outside the Klang Valley.

"Future plans include being on the lookout for more prime sites within high-traffic retail areas, as well as the ambition to branch overseas, such as in Singapore," Chan said.

He said nearly 80 per cent of the prime lots or those facing the marina on the ground floor have been leased.

Among the confirmed tenants are the Melium Group's Aseana Cafe, Cheeky Duck chinese restaurant, Hisago Japanese restaurant, French deli Agua and Italian eatery Marina Aperitivo.

Other confirmed tenants include Finnegan's Irish Pub and Restaurant, an English language education centre, Italian fashion label Versus Versace and home-grown fashion label Bran-et-daguet.

"Straits Quay will be targeting the middle to upper income, family-oriented consumers, as well as local and international tourists," Chan said.

"The marina setting, water limousine as well as the unique complement of outlets and attractions will provide a strong draw for local and foreign visitors," he added.

He said that E & O will be introducing a water limousine service in the future which will establish a strategic connectivity between Straits Quay, the Eastern & Oriental Hotel and Lone Pine Hotel, which are properties owned by the company.

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E&O’s Quayside sees benchmark pricing
By Rosalynn Poh of The Edge Malaysia
Sunday, 19 December 2010 00:00

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Condominium launches at Eastern & Oriental Bhd’s (E&O) Seri Tanjung Pinang development in Penang have been setting benchmark prices for luxury condos on the island.

“The prices of our properties at Seri Tanjung Pinang reflect the market’s acceptance of our pricing levels as fair and commensurate with the value that we offer. We experience a high conversion rate when potential buyers visit the site and see for themselves the existing homes, amenities, landscaping and seafront setting of Seri Tanjung Pinang,” E&O executive director Eric Chan tells City & Country.

Micheal Geh of Raine & Horne International Zaki + Partners Penang had revealed when commenting on The Edge /Raine & Horne International Zaki + Partners Penang Housing Property Monitor for 2Q2010 that the “benchmark price is moving from RM750 psf to RM1,000 psf for newly launched condominiums there.”

Tower 1 of the first high-rise development within Seri Tanjung Pinang known as Quayside was launched in February at an average of RM700 psf and has seen a 70% take-up.

“Our buyers were local Penangites from Kuala Lumpur and Penangites who are living elsewhere looking to purchase properties there, as well as countries such as Singapore, Hong Kong and China,” says Chan.

The developer launched Tower 2 early September at an average price of RM770 psf with a more regional target. It held launches in Beijing and Tokyo. So far, 30% have been taken up. In fact, a few choice units in Tower 2 were recently sold at RM900 psf.

Quayside has a gross development value of RM1.8 billion on a 21-acre freehold tract right next to the marina. It comprises seven blocks of condominiums (7 to 28 storeys) with a total of 1,208 units, housed in five high-rise towers and two low-rise seven-storey towers. It also includes a 4.5-acre private waterpark and clubhouse. The private park is about the size of 2½ football fields.

“Quayside offers a unique seafronting position, and residents of choice units get views of the Andaman Sea, Gurney Drive and Penang Hill.

“Aside from great views of the sea and innovative designs, residents can enjoy Straits Quay and its unique offerings,” Chan says. There are 298 condominium units within Towers 1 and 2. Depending on market conditions, Chan says they plan to launch the two low-rise seven-storey condominiums next.

Located just 15 minutes from George Town and five minutes’ drive to Gurney Drive, the freehold Seri Tanjung Pinang launched its first homes back in 2005. The Ariza courtyard terraces sold from RM735,000 while similar units were sold during its second launch a year later from RM795,000. Ariza terraces are 2 ½ -storey terraced homes with built-ups from 3,200 to 3,800 sq ft. The final launch of Ariza in 2009 saw the homes being sold from RM1.15 million.

According to Waterside Realty principal Ang Boon Beng, recent secondary market transactions for the first launched Ariza courtyard terraced homes have shown prices reaching around RM1.15 million to RM2 million. “The market is active there. We have seen many local buyers, and some of them are Penangites living elsewhere but buying for investment purposes or for their families. The Ariza seafront terraced homes have also set a benchmark pricing for such homes in Penang, at RM1.5 million recently,” he says.

Aside from property development, the E&O group has been present in Penang via its hospitality and lifestyle division with the E&O Hotel.

In fact, the E&O Hotel, built in 1885, is currently undergoing extension works and the annexe is expected to be completed next year.

Meanwhile, upgrading works of its Lone Pine Hotel was recently completed and it has since reopened on Nov 1. Back in 1996, E&O first acquired the land where Lone Pine’s signature restaurant, The Bungalow, was sited. The acquisition of the entire Lone Pine Hotel was completed in 2008.

Seri Tanjung Pinang
Seri Tanjung Pinang is Penang island’s largest seafront development. Besides that, it is also one-of-its-kind as the developer plans to have water limousine service to transport guests/visitors to and from E&O Hotel just 15 minutes away sometime next year, as well as Penang’s first retail marina Straits Quay which will open end-November.

Seri Tanjung Pinang, as a whole, involved the reclamation of 980 acres, based on a multi-island and headland concept. When completed, it will comprise seafront villas, courtyard terraces and semi-detached homes, condominiums, commercial and retail precincts, recreational parks, marina and sea-facing esplanades. The whole development consists of two phases.

“The first phase is 240 acres with a GDV of RM3 billion. It is 90% completed. Phase two is being planned to be even more international,” Chan says.

Also within the first phase of Seri Tanjung Pinang is the Suites at Straits Quay comprising 217 one to two-bedroom serviced apartments with built-ups of 850 to 2,753 sq ft. Launched within three phases, the first 160 units were sold between RM520 psf and RM730 psf in mid-2007. The last 33 units were tagged from RM780 psf to RM860 psf in mid-2009.

Straits Quay is a 270,000 sq ft retail hub offering a wide range of amenities including alfresco dining, gourmet restaurants, cafés & bistros, wine bars, spas and fashion boutiques. The developer plans to open its biggest Delicious outlet there, as well as Royal Selangor’s northern flagship retail store. The 12.4-acre retail enclave is scheduled to open end-November.

““When potential buyers visit the site and see for themselves the existing homes, amenities, landscaping and seafront setting of Seri Tanjung Pinang, they see it and believe it. It is no longer just a concept,” says Chan.

While E&O has seen a high number of repeat buyers, he adds that they have also experienced a high conversion rate, or rather, people wanting to upgrade or invest in Seri Tanjung Pinang once they have seen and experienced the township.

He says it is the E&O passion to create a lifestyle for their homebuyers and guests. “Seri Tanjung Pinang is like the new Damansara Heights of Penang but here we are actually building on our heritage,” he stresses.

Penang’s property market was somewhat insulated from the effects of the downturn and the outlook remains positive, he says. “The series of post-crisis property launches is a clear barometer of this. Local demand continues to drive the property market there.

“Foreign demand should also be on the rise based on factors such as foreign direct investment making a strong comeback to the island and this is highly positive in terms of spurring expatriate demand for residential properties and Penang being a favourite Malaysia My Second Home destination,” he elaborates. Chan adds that George Town’s listing as a Unesco World Heritage Site has enhanced the appeal of Penang and the overall demand for properties was also encouraged by the significantly increased air connectivity.

Chan says Penangites have always had very strong purchasing power, as evident by the number of locals buying Seri Tanjung Pinang homes. “Their mantra may be ‘value for money’, but they are willing to pay if the product is worth it. I am glad to say when E&O came onto the scene, we were able to fill the dearth of distinctive quality homes and an overall innovative world-class development project, which has evidently appealed to the Penang market,” he says. Penangites, he adds are among the most discerning markets, they look for capital appreciation, location (accessibility), design and aesthetics, and master planning.

Meanwhile, the developer plans to launch 33 units of villas-by-the-sea and super semi-dees soon, also within the first phase of Seri Tanjung Pinang. While they are still in the midst of determining the pricing, the villas have built-ups of 5,678 to 10,403 sq ft while the semidee built-ups are around 5,913 sq ft. Aside from that, E&O will also launch the remaining Quayside towers as well as seafront terraces next year.

Going forward, Chan says aside from Penang, they will continue looking at the Klang Valley for future developments as they are familiar with the Klang Valley after being involved in pocket developments there. High-end developments in Kuala Lumpur by the developer include Dua Residency condominium along Jalan Tun Razak and Seventy Damansara comprising 12 exclusive bungalows tagged back in 2006 from RM6 million to RM8 million.

Dua Residency units were sold around RM600 psf, and upon completion in 2007, the price soared to about RM1,700 psf. In addition to that, Idamansara in Damansara Heights — comprising 82 semidees and 9 bungalows — was launched in 2006, with RM3 million for semidees that are now going for RM4 million.

Meanwhile, St Mary Residences in Jalan Tengah, comprising three towers of serviced apartments and a retail podium, was officially launched at the end of last year. It is strategically located within the central business district of Kuala Lumpur and is being jointly developed with the Lion Group. Two of the three towers have seen a 75% take-up. The third tower is to be returned to The Synod of the Diocese of West Malaysia as consideration for the land.

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Quayside Seafront Resort Condominiums

http://dsc.propwall.com/photos/416507/Quayside___Seri_Tanjung_Pinang__3_.jpg

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Waterfront Shopping
The Straits Quay is a new retail and residential complex on Penang's northeast coast.
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http://www.flickr.com/photos/purpleman/5285619344/in/photostream/

Promenade
Waterfront promenade at Straits Quay
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http://www.flickr.com/photos/purpleman/5285680016/in/photostream/

^^nice:)

looks like Singapore :)

http://lh6.ggpht.com/_XswiGbytLjo/TITmWJ2pF1I/AAAAAAAACV0/7UJMYuGRFtU/Screen%20shot%202010-09-06%20at%208.14.01%20PM.jpg

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http://www.flickr.com/photos/28530422@N02/5338968816/

Some views from seri tanjung pinang
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http://www.flickr.com/photos/28530422@N02/5338365687/

massive master plan but ordinary buildings (and architecture).

^^ thats what i thought at first judging only from the pictures. After having visited Straits Quay, I changed my mind and fell in love with the place. The architecture ala colonial ambience suit very well with Penang identity in my opinion.

Another thing is, although the mall are not fully occupied, I can see they are offering different kind of shopping/dining experience.

anyway, I'm very much looking forward to the next phase of the development and so on. I think they got plenty of things up in their sleeves.

massive master plan but ordinary buildings (and architecture).

^^ thats what i thought at first judging only from the pictures. After having visited Straits Quay, I changed my mind and fell in love with the place. The architecture ala colonial ambience suit very well with Penang identity in my opinion.

Another thing is, although the mall are not fully occupied, I can see they are offering different kind of shopping/dining experience.

anyway, I'm very much looking forward to the next phase of the development and so on. I think they got plenty of things up in their sleeves.

true what iamx3n said. the design concept is based on george town's old buildings: colonial buildings, courtyard terraces etc. i have to say it is not easy to replicate that kind of architecture. it seems to me like something is missing from the design of the buildings in seri tanjung pinang. i think it's the lack of details...

i used to think the architecture of the development looks very ordinary when it was proposed. now i think that the concept is an interesting one;)

true what iamx3n said. the design concept is based on george town's old buildings: colonial buildings, courtyard terraces etc. i have to say it is not easy to replicate that kind of architecture. it seems to me like something is missing from the design of the buildings in seri tanjung pinang. i think it's the lack of details...

i used to think the architecture of the development looks very ordinary when it was proposed. now i think that the concept is an interesting one;)

lack of details & the buildings are pretty plain. yes, it's look like colonial style but too brief. once the place full with shops, the design will be less visible. that's why u have to be slightly in details for such project.

http://www.quaysideresort.com

hope louis vuitton, gucci, prada……can open inside the mall
it will look so nice

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^^ What are they building? A floating platform?

^^ What are they building? A floating platform?

Pilings for the marina ;)

I think this project transformed new penang scence !!
http://farm6.static.flickr.com/5179/5473197897_a19e1d873c_b.jpg
http://www.flickr.com/photos/rob_chan/5473197897/

Quayside Resort Condominium
Seri Tanjung Pinang, Pulau Pinang : Expected Completion - 2012
http://www.gdparchitects.com/projects/current/quayside-resort-condominium.html

http://www.gdparchitects.com/img/projects/quayside-resort-condominium/quayside_photo01.jpg

http://www.gdparchitects.com/img/projects/quayside-resort-condominium/quayside_photo02.jpg

The development was explored through the journey entering from south west of the 20.96 acres reclaimed land, meandering through edges of greenery, welcomed by refreshing water park and opening out to sweeping sea views. Cluster A consists of 4 towers and Cluster B with 3 towers closely tuck beside a sprawling 4.5 acre water lagoon facilitated with clubhouse, surau, pockets of picnic greenery spots and seafront alcoves within the guarded community.

Typical Tower layouts are identical but rotated, mirrored and orientated to capture a piece of sea view or Georgetown dazzling nightlights. Each cluster of towers share a podium celebrated with water courtyard and walkways unfolding the flamboyant constructed landscape. The units ranging from smallest 1,137 sq ft to 2,481 sq ft answering the local needs of family lifestyle as well as modern summer beach resort hideout.

The project realization investigates fa�cade treatment, characteristic of various materials and unit types variations due to value engineering during the economy crisis. Construction will be carried out in two phases. Cluster A, water park and ancillary buildings completion due in 2012. Leaving Cluster B separately in phase 2.

In collaboration with WATG

Straits Quay

http://www.gdparchitects.com/img/projects/straits-quay/straitsquay_photo04.jpg

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http://www.flickr.com/photos/iiun/5581681570/

any update for the tenants of strait quays mall?

first charlie bown cafe in malaysia opening soon.

Beauty & Fashion

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Lifestyle & Entertainment
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Services
http://a3.sphotos.ak.fbcdn.net/hphotos-ak-snc6/217125_10150147785339580_605794579_6745278_1620015_n.jpg

Food & Beverage
http://a8.sphotos.ak.fbcdn.net/hphotos-ak-snc6/208571_10150147785389580_605794579_6745280_908493_n.jpg

Tourist Precinct
http://a5.sphotos.ak.fbcdn.net/hphotos-ak-snc6/215110_10150147785369580_605794579_6745279_5004422_n.jpg

http://a2.sphotos.ak.fbcdn.net/hphotos-ak-snc6/216574_10150156207662453_35880687452_6514506_7373048_n.jpg

Charlie Brown Cafe is opening tomorrow yeay!

How's the mall doing. Lots of specialised or branded goods?

E&O gets approval for project on reclaimed land
By Sharon Tan of theedgemalaysia.com
Wednesday, 13 April 2011 13:55

KUALA LUMPUR: Eastern & Oriental Bhd (E&O) has received approval for Phase 2 of its proposed mixed integrated development in Tanjong Tokong, Penang.

In a filing with Bursa Malaysia, E&O said the company received the letter dated Monday, Apr 11 from Jabatan Perancang Bandar dan Desa, Pulau Pinang, which communicated the state's in-principle approval of the masterplan submitted by E&O's unit Tanjung Pinang Development Sdn Bhd (TPD). The approval, for the proposed mixed integrated development, is concerning the land to be reclaimed in Tanjong Tokong, Penang (under Phase 2).

According to the filing, in 1992, TPD was granted the exclusive right to reclaim and develop approximately 980 acres of land in the district of Tanjong Tokong in the northeast coast of Penang. To date, the group has reclaimed and is continuing to develop Phase 1 of the project comprising approximately 240 acres of land under the name Seri Tanjung Pinang.

The group, through TPD, had sought the state's approval to reclaim the balance concession area of approximately 740 acres.

The announcement said the in-principle approval is conditional upon several terms and conditions, including that TPD's masterplan must comply with all technical requirements and other conditions associated with planning approvals. To protect public interests, it said TPD's masterplan will be subjected to closer scrutiny by the state government, although TPD may undertake the relevant technical studies at its own cost and expense, but without the state government incurring any liability or obligations.

"E&O would nevertheless like to emphasise that whilst the in-principle approval is a vital step towards being able to reclaim the balance concession area, there are other steps still to be undertaken and approvals to be obtained before reclamation works can actually commence.

"Not least of all will be a satisfactory environmental impact assessment study which will entail traffic impact assessments by the relevant authorities," said the company, adding that it is of the view that E&O would derive substantial benefits in the long run.

Located just 15 minutes' drive from George Town and five minutes' drive to Gurney Drive, the freehold Seri Tanjung Pinang launched its first homes back in 2005. The Ariza courtyard terraces were sold from RM735,000, while similar units were sold from RM795,000 during its second launch a year later. Ariza terraces are 2½-storey terraced homes with built-ups ranging from 3,200 to 3,800 sq ft. The final launch of Ariza in 2009 saw the homes being sold from RM1.15 million.

Last year, E&O launched the Quayside, the first high-rise development within Seri Tanjung Pinang. Quayside has a gross development value of RM1.8 billion on a 21-acre freehold tract right next to a marina. It comprises seven blocks of condominiums (7 to 28 storeys) with a total of 1,208 units, housed in five high-rise towers and two low-rise seven-storey towers. The development also includes a 4.5-acre private waterpark and a clubhouse. The private park is about the size of 2½ football fields.

While E&O is synonymous with the famous hotel in Penang, with colonial architecture and bearing the same name, Seri Tanjung Pinang is the jewel in its crown.

The project, one of Penang's hottest residential addresses, benefits from the island's booming property market. It also benefits from being near the city centre, its seafront location and E&O's strong branding.

Analysts say Seri Tanjung Pinang gives E&O access to a large and prime landbank of up to 980 acres, which it can reclaim progressively. Selling prices for its homes there have surged strongly, far outpacing the rise in reclamation costs, an analyst noted.

E&O shares fell two sen to RM1.17 on Tuesday on a volume of 1.74 million shares. The stock was trading below its net assets per share of RM1.20 as at Dec 31, 2010.

^^Tesco will be opening soon in Tanjung Bungah

STP2...bigger and better

E&O aims to begin reclamation work for RM12bil Penang project
By ANGIE NG
angie@thestar.com.my


PETALING JAYA: Eastern & Oriental Bhd (E&O) is targeting to commence reclamation work next year for 740 acres of land in Tanjong Tokong in the north-east coast of Penang for its RM12bil Seri Tanjung Pinang phase two (STP2) development.

Executive director Eric Chan said the group's subsidiary, Tanjung Pinang Development Sdn Bhd, had received the approval in principle for the masterplan of STP2 from the Jabatan Perancangan Bandar dan Desa Pulau Pinang via a letter dated April 11.

“It should take two years from the start of the land reclamation before the first project launch can be embarked upon.

“Phase two will be a mixed integrated development comprising two islands of approximately 740 acres in size. At three times the size of phase one, phase two is expected to generate RM12bil in gross development value,” Chan told StarBiz.

http://biz.thestar.com.my/archives/2011/4/15/business/p3-quayside.JPG
Aerial view of Seri Tanjung Pinang phase one, showing Straits Quay festive retail mall.The upcoming Quayside Seafront Condominiums is superimposed on this actual site photo.

As in phase one, he said residential property would be the key component in STP2, besides commercial and public spaces.

“In totality, Seri Tanjung Pinang phases one and two will embrace a range of residential, commercial, recreational and leisure properties within an integrated masterplanned development.

“We expect this iconic development to ultimately redefine Penang island on the world map as a vibrant new seafront resort destination to reside, holiday, work and invest,” he added.

Chan said STP2 would take the E&O brand to the next level and support the group's aspiration to extend the brand regionally and globally.

“The development will also be a symbol of pride and progress, gaining worldwide publicity and prestige; and attract capital inflows and investment, employment and business opportunities, especially for Penang's tourism. It will complement other major projects to turn the state into a world class city and an international property destination,” he added.

In 1992, TPD was granted the exclusive right to reclaim and develop approximately 980 acres of land in Tanjong Tokong.

It has to date reclaimed and is continuing to develop phase one of the project comprising about 240 acres of land.

The total GDV for phase one of Seri Tanjung Pinang is approximately RM4bil.

The E&O group, through TPD, had sought the state's approval to reclaim the balance concession area of about 740 acres.

In a filing with Bursa Malaysia on Tuesday, E&O said while the in-principle approval was a vital step towards being able to reclaim the balance concession area, there were other steps still to be undertaken and approvals to be obtained before reclamation works could actually commence.

It said while it was too early to outline the detailed effects of the approval in respect of the masterplan or its implementation timetable, “the board of directors of E&O is of the view that in the longer term, the group will derive substantial benefits with a successful implementation of the in-principle approval.”

On the progress of Seri Tanjung Pinang phase one, Chan said more than 600 landed residential units and 217 serviced suites had already been completed and sold to date. There will also be seven condominium towers.

The landed properties include the Ariza range of courtyard and seafronting terraced houses, Avalon and Acacia semi-detached homes, and the Martinique, Skye and Abrezza villas by-the-sea.

Last February, the first tower of the 21-acre Quayside Seafront Resort Condominiums was launched and another two towers were launched in the last 12 months. The overall take-up of the launched condominiums is about 75%.

Meanwhile, the commercial area includes the Straits Quay festive seafront mall which has 270,000 sq ft of net lettable area; a 7-acre parcel of TESCO hypermarket development and a few other smaller plots.

Chan said since its soft opening last November, the Straits Quay mall had recorded a tenancy occupancy of close to 60%, comprising a myriad of marina-fronting

^^
http://img33.imageshack.us/img33/6176/16145761.jpg

Atau yg ni!
Taken from http://www.gdparchitects.com/

http://img839.imageshack.us/img839/4365/10311877.jpg http://img822.imageshack.us/img822/1088/76517904.jpg

my gosh! Never knew so much reclamation works is to be done@

Gurney Drive's seafront will be lost forever!!!!

Gurney Drive still located in front of the sea forever maaarr! :D

There will be lot of issues when the reclamation begin. But on positive side, these man made islands for sure will be a value added for penang. Same goes to The Light Waterfront in Gelugor.

There will be lot of issues when the reclamation begin. But on positive side, these man made islands for sure will be a value added for penang. Same goes to The Light Waterfront in Gelugor.

What issues are you anticipating? I dont think it would be much if it is done well, on the other hand, Penang would have a very unique satellite suburb off the main island.

:)

E&O plans 4 new Quayside condo blocks
Published: 2011/06/16



KUALA LUMPUR: Property developer Eastern & Oriental Bhd (E&O) expects to launch four new blocks at its Quayside Seafront Resort and Condominiums project in Penang this year.

Its deputy managing director Eric Chan said the company was optimistic about the project.

"So far, out of the total seven condominium blocks planned under the project, three have been launched with more than 75 per cent taken up," he said, noting that phase one will be completed by 2013.

The Quayside project is also home to Malaysia's largest water themepark.

Speaking to reporters after signing a marketing agreement with Mitsui Fudoson Co Ltd yesterday, Chan said one more condominium block will be launched next month while the rest is scheduled for launch either by the year-end or early 2012, with gross development value at more than RM2 billion.

Mitsui, Japan's largest property developer, through its unit, Mitsui Real Estate Sales Co Ltd, will market E&O properties to its high net worth clientele in Japan.

Chan said the collaboration is the first step that marks the beginning of efforts to bring the homegrown E&O brand to the Japanese market.

"We are honoured and excited by the opportunities presented by this collaboration with a giant like Mitsui," he said.

Besides E&O's Quayside project, other projects to be marketed in Japan include the company's St Mary Residences in Kuala Lumpur, due for completion next year.

"Our products are local but we believe demand can be global, especially if our standards of quality and innovation are international," he said.

Straits Quay Penang
http://farm6.static.flickr.com/5157/5828102872_8483690673_b.jpg (http://www.flickr.com/photos/51266678@N06/5828102872/)
D90 046 (http://www.flickr.com/photos/51266678@N06/5828102872/) by life ramblings 2008 (http://www.flickr.com/people/51266678@N06/), on Flickr
http://farm4.static.flickr.com/3117/5827577335_602e223360_b.jpg (http://www.flickr.com/photos/51266678@N06/5827577335/)
D90 039 (http://www.flickr.com/photos/51266678@N06/5827577335/) by life ramblings 2008 (http://www.flickr.com/people/51266678@N06/), on Flickr
http://farm3.static.flickr.com/2514/5827500429_6962cb16a3_b.jpg (http://www.flickr.com/photos/51266678@N06/5827500429/)
2011-06-11 (http://www.flickr.com/photos/51266678@N06/5827500429/) by life ramblings 2008 (http://www.flickr.com/people/51266678@N06/), on Flickr
http://farm3.static.flickr.com/2091/5827500447_1875cb0d3d_b.jpg (http://www.flickr.com/photos/51266678@N06/5827500447/)
D90 067 (http://www.flickr.com/photos/51266678@N06/5827500447/) by life ramblings 2008 (http://www.flickr.com/people/51266678@N06/), on Flickr
http://farm6.static.flickr.com/5101/5827500441_67d3380a5f_b.jpg (http://www.flickr.com/photos/51266678@N06/5827500441/)
D90 061 (http://www.flickr.com/photos/51266678@N06/5827500441/) by life ramblings 2008 (http://www.flickr.com/people/51266678@N06/), on Flickr

http://farm6.static.flickr.com/5122/5273255766_55282e8c1e_b.jpg (http://www.flickr.com/photos/rickychow/5273255766/)
Straits Quay 2010 (http://www.flickr.com/photos/rickychow/5273255766/) by RickyChow (http://www.flickr.com/people/rickychow/), on Flickr
http://farm6.static.flickr.com/5290/5272648121_96d0de3586_b.jpg (http://www.flickr.com/photos/rickychow/5272648121/)
Straits Quay 2010 (http://www.flickr.com/photos/rickychow/5272648121/) by RickyChow (http://www.flickr.com/people/rickychow/), on Flickr

Already quite a number of luxury yacht docking at the marina...good to see :)

Penang to set up a 2,000sq m performing arts facility by year end
Saturday September 17, 2011
http://thestar.com.my/metro/story.asp?file=/2011/9/17/north/9513781&sec=North

PENANG’S art scene will be given a boost soon when the Penang Performing Arts Centre (PenangPAC) opens its doors by the end of the year.

Located at Straits Quay in Seri Tanjung Pinang, the 2,043sq m centre called PenangPAC will feature a 300-seater proscenium theatre.

It will also house a 150-seater experimental black box theatre, an academy with multi-functional studios for rehearsals and classes, a gallery space for exhibitions among others.

Eastern & Oriental (E&O) Group is providing the funding and infrastructure while the Actors Studio is imparting its knowledge and software to this jointly-spearheaded non- profit venture.

E&O Group deputy managing director Eric Chan said this would be the first performing arts centre of its kind in Penang and the northern region.

Actors Studio co-founder Faridah Merican said that it was a dream come true for the PenangPAC to be opened after the original Actors Studio in Green Hall had closed down a few years ago.

“I can’t hold back my excitement of seeing the PenangPAC up and running in Straits Quay,” she said at a fundraising dinner themed ‘An Evening for PenangPAC’ on Thursday.

Free art performances are expected to be held throughout November and December in PenangPAC.

Sime Darby likely to take part in E&O’s RM12b project
By theedgeproperty.com
Wednesday, 12 October 2011 12:39

KUALA LUMPUR: RHB Research Institute said Sime Darby Bhd was likely, in the longer term, participate in Eastern and Oriental Bhd's (E&O) Seri Tanjung Pinang 2 (STP 2) project in Penang, which has a gross development value (GDV) of RM12 billion.

In its report issued on Wednesday, Oct 12, it expected profit to only come in two to three years' time.

The research house had also viewed the Securities Commission's decision that Sime Darby did not have to extend a mandatory general offer for E&O as positive.

RHB Research believed Sime would now be able to move on from this to focus on extracting synergies from its acquisition of the 30% stake in E&O. This was especially since E&O managing director Datuk Terry Tham Ka Hon had assured shareholders that he would retain his role in E&O for the next few years, it said.

The research house said it was maintaining its sum-of-parts based fair value of RM9.35 and its outperform recommendation on Sime Darby.

"We maintain our view that based on E&O's FY03/11 net profit of RM30.7 million, earnings accretion from this acquisition to Sime is negligible, after taking out the interest income foregone," it said.

The research house said although consensus estimate for FY03/12 is much higher at RM94.8m, E&O only achieved net profit ex-exceptional items of approximately RM8.2 million or 8.6% of consensus earnings in 1QFY03/12. However, it is widely believed that stronger profits would only come in the later part of 2011 and 2012, said RHB Research.

My recent visit to Straits Quay at Sri Tanjung Pinang..........

http://img403.imageshack.us/img403/9636/sam1663.jpg

http://img811.imageshack.us/img811/2619/sam1661z.jpg
Versace Jeans

http://img13.imageshack.us/img13/6053/sam1665.jpg
Residence above the shopping mall

http://img18.imageshack.us/img18/8238/sam1666.jpg

Most of the F&B outlets already opened..........Library is opening soon...There's Delicious, Papparich, Oh Sushi, Starbucks and Secret Recipe among others.....

Pelan pembangunan utk fasa 2 & 3 belum lulus lg.

http://farm8.staticflickr.com/7151/6556954033_66ae9e0be2_b.jpg (http://www.flickr.com/photos/faizalzane/6556954033/)
Penang Island from Gurney Drive (http://www.flickr.com/photos/faizalzane/6556954033/) by faizalzane (http://www.flickr.com/people/faizalzane/), on Flickr

Straits Quay taken last night

http://img7.imageshack.us/img7/9064/img8138g.jpg

http://img28.imageshack.us/img28/760/img0905gr.jpg

update

http://img820.imageshack.us/img820/8305/img1110ak.jpg