ST. MARY RESIDENCES | Kuala Lumpur ( Jalan Raja Chulan ) | 3X 28F | Completed

[haze]

E&O PROPERTY TEAMS UP WITH LION GROUP TO BUILD LUXURIOUS SERVICE APARTMENTS IN KL’S GOLDEN TRIANGLE
28 Nov, 2007 -



Kuala Lumpur, 28 November 2007: E&O Property Development Berhad (E&OProp), together with the Lion Group will jointly develop a 4.13 acre land (former St Mary’s school site) located on Jalan Tengah / Jalan P. Ramlee, in the heart of Kuala Lumpur’s Golden Triangle.

The Development Order has been received in May this year, for the development of 3 blocks of 28-storey luxurious service apartments which will capitalise on the current trend of affluent professionals from Malaysia and overseas choosing to work and live in the city, taking full advantage of the increasingly cosmopolitan lifestyle within Kuala Lumpur’s central business district. The 3 towers of service apartments will surround an expansive urban sanctuary, termed as the development’s ‘central park’ (See Master Layout and Site Plan below). Total net area for the development is estimated at 940,000 sf, with approximately 660 units of sizeable service apartments. The development is targeted for launch by mid-2008.

There will also be a retail and F&B component, which spans approximately 35,000 sf – to provide ancillary amenities that suits the lifestyle of the expatriate and business community who chooses to live and work within the city centre. Due to its strategic location fronting Jalan Tengah, the surrounding community will also have the opportunity to enjoy these amenities which will largely be food and beverages outlets.

The groundbreaking ceremony at the former St Mary’s school site was held today. Right Reverend Ng Moon Hing (Bishop of West Malaysia) representing The Synod of the Diocese of West Malaysia, was in attendance to bless and officiate the ceremony. The ceremony was witnessed by E&O Property Development Berhad’s Managing Director, Dato’ Terry Tham Ka Hon as well as the Lion Group’s Property Division Executive Director, Mr Lionel Cheng.

E&O Property Development Berhad’s Managing Director, Dato’ Terry Tham Ka Hon said, “Today’s groundbreaking ceremony signifies a new beginning for the redevelopment of the former St Mary’s school land. We are one step closer to realising the concept of this development, with the blessing of The Synod of the Diocese of West Malaysia as well as our working partner, the Lion Group. This partnership truly provides an excellent opportunity for us to combine our expertise and resources – especially in development in prime urban centres which continuously attracts buyers and investors due to its attractive capital appreciation and rental yields.”

Mr Lionel Cheng, the Lion Group’s Property Division Executive Director added, “Our Group has full confidence in the potential of the site given its strategic location and the emergence of Kuala Lumpur as a world–class city. We feel this land can be transformed into a significant landmark development and we have looked into every aspect of achieving this goal. We are very pleased to establish a strategic partnership with E&O Property who are well-known for their innovative products. We believe our combined efforts and expertise will add value to the success of the project.”

The redevelopment of the former St Mary’s school land is undertaken through a 50%: 50% Joint Venture Company Mergexcel Property Development Sdn Bhd (Mergexcel), between Ribuan Imbangan Sdn Bhd (a wholly-owned subsidiary of E&OProp) and Lion Courts Sdn Bhd (a wholly-owned subsidiary of Lion Industries Corporation Berhad). In May 2006, Mergexcel acquired the 4.13 acre Freehold land from The Synod of Diocese of West Malaysia, the original owner of the St Mary’s school and the said land.

The former St. Mary’s School land was originally purchased by the Lion Group from The Synod of the Diocese of West Malaysia. Under the original purchase agreement, the Lion Group has since fulfilled its obligations in providing a new purpose-built school in Selayang for the relocation of the St Mary’s School.

As set out in DBKL’s Kuala Lumpur Structure Plan 2020, the relocation of schools to Klang Valley suburbs, follows DBKL’s aim to alleviate traffic congestion within the city, while increasing the resident population of KL city to 245,600 people in 2020 from 128,721 in 2000.

MASTER LAYOUT PLAN