E&O Property Development Bhd is finalising the concept plan for the second phase of its Seri Tanjung Pinang (STP) project in Penang.
This portion of the integrated waterfront development, encompassing 296ha of reclaimed land, will see a cluster of islands emerging offshore. They will be linked with bridges to phase one of the development in Tanjung Tokong.
"We expect to begin work for phase two within the next two years, subject to obtaining all necessary approvals from the relevant authorities," the company's marketing and sales director K.C. Chong told Business Times.
The entire project involves almost 400ha of freehold land, extending from the northeast coast of Penang Island towards the series of islands in the second phase.
The project, which is modelled after the Dubai Waterfront in the Middle East, is being marketed as Penang's largest master planned waterfront community.
Chong said the second phase would include an international hotel and resort.
"Currently at the headland, we have completed reclamation works for phase one which includes a guarded community of luxury seafront villas, semi-detached and courtyard terrace homes, condominiums and service apartments," he added.
He said around 60 per cent of the 96ha of the total land area has been developed.
"Currently under development are seafront villas, semi-detached homes, terraces, serviced apartment, along with a retail and marina component."
The first phase has a gross development value (GDV) of RM2.6 billion and some RM600 million worth of properties have been sold.
"The bulk of the remaining GDV that has yet to be launched is the second tranche of seafront villas, some semi-detached homes and the upcoming condominiums which are targeted to be launched by the third quarter of this year," he added.
"To date, we have handed over around 225 units of courtyard terraces, 26 units of 'Avalon' semi-detached homes and 40 bungalow parcels since its maiden launch at the end of 2003."
By New Straits Times (by Marina Emmanuel)
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