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SERI TANJUNG PINANG | GURNEY BAY | Penang

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#1 · (Edited by Moderator)
Penang’s largest masterplanned waterfront community



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​


for more info, logon to http://www.seritanjungpinang.com
 
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#6 ·
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.





Site Plan


More info: http://www.seritanjungpinang.com/stp/index.cfm?sc=60&cm=3
 
#8 · (Edited)
Suites at the Waterside



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.
 
#9 ·
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.
 
#19 ·
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...
 
#20 ·
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



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."
 
#21 ·
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)
 
#22 ·
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.


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.
 
#23 ·
E&O’s villas by the sea


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)
 
#24 ·
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.


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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