Seri Tanjung Pinang hits RM600m sales

In less than three years, Eastern and Oriental Property Development Bhd (E&OPD) has sold RM600 million worth of properties at its Seri Tanjung Pinang (STP) seafront development in Penang Island.

Its marketing and sales director K.C. Chong said this accounts for 23 per cent of STP's gross development value of RM2.6 billion, and involves 257 terrace houses, 150 semi-detached units, 40 seafront villas and 160 serviced suites in the first phase.

"We have already fully reclaimed the 240 acres of land that make up phase one, and are now in the midst of finalising plans before we call for tenders for the reclamation works to phase two," he said.

The freehold first phase is slated to be completed in six years. In the second covering 740 acres, Chong said it will be made up of multiple islands.

STP is located at the northeast corner of the island near Gurney Drive and will feature a "headland and multi-island" concept connected by several bridges.

Outside of the northern state, E&OPD is also active in the Klang Valley and South Johor, where it recently entered into a Memorandum of Understanding to develop a 195-acre site within the Iskandar Development Region.

To be named the Heritage District, the project will be developed together with Cultural Cluster Sdn Bhd, which is owned by a Labuan-based private fund company managed by Kuwait Finance House. - By NST Property

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