PENANG | Seri Tanjung Pinang Development News

[Adam Tan]

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

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

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

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

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

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

Location map & Master layout plan
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Other(from.TYW)
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Official Website
http://www.eoprop.com/stp/index.htm

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

[will.exe]

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

[TYW]

hope it becomes reality

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

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

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

and this is the courtyard terrace house (Ariza)

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

[AhChuan]

They reclaim the sea ah??

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

[TYW]

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

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

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

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

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

[skyscraperboy]

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

[TYW]

They reclaim the sea ah??

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

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

[Pablo]

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[Pablo]

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[Pablo]

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

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[Pablo]

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

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

[TYW]

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

[pinkerton]

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

[TYW]

welcome to the forum, tpinkerton!!

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

[AM Putra]

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

[oshkoshbgood]

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

overall....nothing mesmerize me at all

[penanglang]

hi pinkerton,

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

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

[pinkerton]

hi pinkerton,

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

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

hi penanglang --

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

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

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

a) waterfront (always command a premium)

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

c) tesco will be there (along the mainroad)

d) penang outer ring road

e) monorail

f) and many more.....

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

[Arkdriver]

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

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

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

[TYW]

c) tesco will be there (along the mainroad)

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

[TYW]

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

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

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

[pinkerton]

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


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


1. INTRODUCTION

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


2. INFORMATION ON EOPP

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


3. INFORMATION ON TESCO

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

4. DETAILS OF THE LEASE

4.1 Information on the Land

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

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


4.2 Conditions Precedent

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


4.3 Date of Commencement and Duration of the Lease

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

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


5. RATIONALE FOR THE LEASE

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

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

[TYW]

thanks for the info, pinkerton!!

[TYW]

posted by travellator

Seafront development planned in Penang

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

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

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

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

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

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

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

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

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

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

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

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

[nazrey]

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

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

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

Seri Tanjung Pinang
Refined By The Rhythm Of The Sea

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

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

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

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

BY

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[nazrey]

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[nazrey]

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

[nazrey]

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


They include RM2b schemes in Penang’s Seri Tanjung Pinang

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

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

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

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

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

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

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

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

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

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

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

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

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

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

[nazrey]

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

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

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

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

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

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

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

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

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

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

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

[nazrey]

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


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

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

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

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

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

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

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

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

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

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

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

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

It is also sited within the Penang Multimedia Super Corridor.

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

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

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

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

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

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

Reclamation works under Phase One have been completed.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

[nazrey]

by vizugonesailing

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[pen]

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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[pen]

A PRIVATE COMMUNITY OF VILLAS BY-THE-SEA

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

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

[pen]

post by haze

E&O JV in Penang luxury seafront villas project

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


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

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

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

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

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

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

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

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

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

[nazrey]

by Vincent in London

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[pen]

VILLAS BY-THE-SEA

Martinique

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[Leeigh]

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

[nazrey]

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

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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."

[nazrey]

by Garbage Kingdom

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[nazrey]

by islandxhawaii

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[nazrey]

by doug arp

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[nazrey]

by wanhashim

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[nazrey]

Penang goes posh
E&O launches seaside bungalows

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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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

[nazrey]

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

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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.

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[nazrey]

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

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

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

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

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

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

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

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

[josephltt]

E&O ACACIA Phase 1, completed
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[josephltt]

Acacia phase 2, WIP 29/04/2008

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One of the corner unit
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[Slartibartfas]

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

[josephltt]

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

Why say so?:)

[josephltt]

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


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

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

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

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

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

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

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

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

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

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

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

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

[pen]

THE SUITES AT WATERSIDE @ SERI TANJUNG PINANG


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[josephltt]

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

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The Palazzo taken from UOB Bank Jalan Kelawai.
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Finally done.... tired hand..

[nazrey]

BY pen
Gurney Drive Skyline From Seri Tanjung Pinang

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[nazrey]

THE SUITES AT WATERSIDE
by pen

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THE SUITES AT WATERSIDE & Skyhome Super Condo
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