# PENANG | Seri Tanjung Pinang Development News



## TYW (Sep 11, 2002)

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.


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## pinkerton (May 8, 2007)

TYW said:


> 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.


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## TYW (Sep 11, 2002)

thanks for the info, pinkerton!!


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## TYW (Sep 11, 2002)

posted by travellator



travellator said:


> *Seafront development planned in Penang*
> 
> By PAULINE NG
> IN KUALA LUMPUR Business Times - 19 Jun 2007
> ...


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## nazrey (Sep 12, 2003)

TYW said:


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












*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 (Sep 12, 2003)




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## nazrey (Sep 12, 2003)

*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.


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## nazrey (Sep 12, 2003)

*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.


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## nazrey (Sep 12, 2003)

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.


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## nazrey (Sep 12, 2003)

*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 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 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 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.”


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## nazrey (Sep 12, 2003)

by vizugonesailing


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## pen (Nov 12, 2005)

*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


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## pen (Nov 12, 2005)

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.










Martinique









Abrezza









Skye









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


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## pen (Nov 12, 2005)

post by haze

*E&O JV in Penang luxury seafront villas project *

By Sharon Tan 
Email us your feedback at [email protected] 


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.


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## nazrey (Sep 12, 2003)

by Vincent in London


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## pen (Nov 12, 2005)

VILLAS BY-THE-SEA

Martinique


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## Leeigh (Nov 8, 2003)

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


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## nazrey (Sep 12, 2003)

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










*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."


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## nazrey (Sep 12, 2003)

by Garbage Kingdom


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## nazrey (Sep 12, 2003)

by islandxhawaii


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## nazrey (Sep 12, 2003)




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## nazrey (Sep 12, 2003)

nazrey said:


> From flickr


From flickr


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## nazrey (Sep 12, 2003)

From flickr


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## nazrey (Sep 12, 2003)

From flickr


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## nazrey (Sep 12, 2003)

*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 r*egion'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.


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## nazrey (Sep 12, 2003)

UPDATE:



kubundu said:


>


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## nazrey (Sep 12, 2003)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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## nazrey (Sep 12, 2003)

Quayside Seafront Resort Condominium


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## tohff7 (Feb 3, 2010)




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## tennisguy (May 14, 2010)

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

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

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

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


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## golfmywife (May 18, 2010)

Hi, tennisguy,

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

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

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

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

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


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## Ushiro (May 20, 2010)

:drool:


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## tennisguy (May 14, 2010)

Hi Golfmywife,

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

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


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## nazrey (Sep 12, 2003)

http://www.flickr.com/photos/watg/5283989106/








http://www.flickr.com/photos/watg/5283988954/


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## love laguna (Dec 18, 2007)

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


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## Sky_Is_The_Limit (Feb 4, 2009)

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

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


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## nazrey (Sep 12, 2003)

http://www.flickr.com/photos/benjamin1019/4891669582/


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## nazrey (Sep 12, 2003)

http://www.flickr.com/photos/xenohawk/5420921232/








http://www.flickr.com/photos/xenohawk/5420286641/








http://www.flickr.com/photos/xenohawk/5420293107/








http://www.flickr.com/photos/xenohawk/5420295665/in/photostream/


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## built_in_me (Aug 22, 2007)

what r they building...


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## nazrey (Sep 12, 2003)

built_in_me said:


> what r they building...


Straits Quay @ Seri Tanjung Pinang..









http://www.straitsquay.com/location/seri_tanjung_pinang



>


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