Preview News : E&O Plans RM205 Million New Property Launches By Feb 2017
KUALA LUMPUR, November 17— Eastern & Oriental Bhd (E&O) plans to launch an estimated RM205 million of properties at its seafront master planned development of Seri Tanjung Pinang, Penang over the next three months.
These upcoming launches include 29 units of Amaris Terraces By-The-Sea and 32 units of Ariza Seafront terraced homes, said the premier lifestyle property developer in a statement here.
“The property market is cyclical and as past trends have shown, innovative products in good locations backed by an established brand and track record will continue to appeal to genuine buyers,” said Managing Director Kok Tuck Cheong.
He also said E&O saw close to RM152 million of its properties sold in the first six months of the group’s fiscal year ending March 31, 2017.
E&O’s projects in Penang, mainly The Tamarind executive apartments and 18 East at Andaman seafront resort condominiums, were the key contributors to the sales take-up during that period, said Kok.
Meanwhile, E&O’s unbilled sales as at Sept 30, 2016 stood at close to RM1 billion which Kok said would support the company’s performance for the next 18-24 months.
From a medium-term perspective, he said E&O, through its subsidiary Tanjung Pinang Development Sdn Bhd, was focusing on the reclamation works for Phase 2A of the Seri Tanjung Pinang Phase 2 project in Penang.