E&O JV in Penang luxury seafront villas project

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.

By The EDGE MALAYSIA (By Sharon Tan)