E&O focuses to complete reclamation by H2 

The completed Ariza terraces in Seri Tanjung Pinang Phase 1.

By NST PROPERTY - February 22, 2018 @ 11:29am

LIFESTYLE luxury developer Eastern & Oriental Bhd (E&O) will remain focused on completing the reclamation of Seri Tanjung Pinang Phase 2 (STP2) in Penang by the second half of this

year.

According to managing director Kok Tuck Cheong, land titles for areas reclaimed above two metres chart datum (CD) have been obtained from the relevant authorities.

“Concurrently, more detailed design works for STP2A, based on the parameters of the broad conceptual master plan, have commenced and are at the initial stages,” he said in a statement.

The two-phased Seri Tanjung Pinang (STP) is a master-planned seafront development on the northeast coast of Penang island.

An aerial view of Seri Tanjung Pinang Phase 1.

The 97ha first phase, Seri Tanjung Pinang Phase 1 (STP1), is fully reclaimed.

SSTP2, located in the waters to the east of the first phase, covers an area of 308ha. The first tranche of reclamation works for STP2 commenced in 2016.

Kok said in the next 12 to 18 months, the group would be mobilising sales of the final phase of Ariza Seafront Terraces at STP1.

E&O is also targeting to launch properties in STP2A, of which Retirement Fund Inc (KWAP) has a 20 per cent share.

KWAP acquired 20 per cent of the STP2A development land measuring about 1.45 million sq ft of net development land for RM766 million from E&O’s subsidiary Tanjung Pinang Development Sdn Bhd ― the project proponent for STP2A.

In Johor, E&O plans to launch the second phase of Avira Garden Terraces in Medini Iskandar and in Kuala Lumpur, it is looking to launch service apartments at the intersection of Jalan Conlay and Jalan Kia Peng.