E&O launches Penang condo in S'pore
This is first time it is marketing new launch out of Penang
By CHEAH UI-HOON
SINGAPOREANS will soon have first dibs on a prime Penang condominium project with Eastern & Oriental Bhd setting up a sales office here.
The Kuala Lumpur-based property developer has had such good response from its previous roadtrips in Singapore, Hong Kong and London that it decided this time to launch sales of one tower of its seafront condominiums here.
'This is the first time we're marketing a new launch out of Penang because we've seen very good response in previous roadtrips,' says Eric Chan, E&O's executive director. 'It's timely now to introduce this to the region via Singapore.'
The company is launching sales of the second block - out of seven - of the RM1.8 billion (S$776.4 million) Quayside Seafront Resort Condominium development. Quayside is the last phase of the 240-acre Seri Tanjung Pinang development in north-east Penang, on reclaimed land.
Seri Tanjung Pinang features a guarded community of luxury seafront villas, semi-detached and courtyard terrace homes, condominiums and service apartments.
The Quayside condominiums - with seven blocks of seafront units - will sprawl across an 8.4 hectare site, with seven acres of landscaped gardens and 4.5 acres of a signature waterpark. The total site will cover 21 acres.
The project, which has 1,200 units, is expected to be completed in about seven to 10 years.
Quayside was officially unveiled in February. To date, almost 60 per cent of the units in the first tower have been sold, with foreign buyers accounting for about 10 per cent of sales. It is also just a short walk to the neighbouring Straits Quay, an international marina.
The estimated average price for a Tower 2 unit is close to RM800 per square foot, and units range from 1,137 sq ft for a one-bedroom apartment to 7,159 sq ft for a penthouse.
Prices for Tower 2 units start from RM811,000 for a one-bedroom unit and RM2,225,000 for a three-bedroom condominium.
As the first release, prices are primed to offer early birds a 5 per cent discount.
E&O is also confident of the potential capital appreciation based on the track record of its previous launches, says Mr Chan. 'Buyers of E&O properties have typically enjoyed an attractive level of capital appreciation. For instance, our Ariza courtyard terraces at Seri Tanjung Pinang have appreciated by approximately 30 per cent to 40 per cent since its maiden launch,' he says.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
PRIME PROPERTY
The Quayside Seafront Resort Condominium (above) is part of the Seri Tanjung Pinang development in north-east Penang which includes service apartments and a marina (next)
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