E&O sells all 73 landed units of Villas By-The-Sea

GEORGE TOWN: Eastern & Oriental Bhd (E&O) has completely sold all the 73 landed properties in the RM260.6mil Villas By-The-Sea project.

The first batch of 40 two- to three-storey detached villas were sold and delivered to the purchasers in 2009, while the second batch of 33 units of three-storey detached and three-storey super-semi-detached villas were recently completed and delivered.

The project was a collaboration between E&O, CIMB-Mapletree Management Sdn Bhd (CIMB-Mapletree) and the Al Salam Bank of Bahrain, the parties who had signed an agreement in 2006 to jointly-develop the villas.

A private event was held in Penang to mark the culmination of this successful collaboration.

E&O was represented by deputy managing director Eric Chan Kok Leong, while the other two parties were represented by CIMB-Mapletree chief executive officer Raja Noorma Raja Othman and Al-Salam Bank chief executive officer Yousif Taqi.

Chan said in a press release that the group's aim was to fulfil lifestyle aspirations and was grateful to its partners CIMB-Mapletree and Al-Salam for their confidence and trust in E&O.

Raja Noorma Othman said the secret to a successful joint venture lay in the insightful selection of players who would bring together a unique congruence and synergy of shared objectives and complementary capabilities.

“Leveraging on CIMB-Mapletree's unrivalled network and reach, we were able to bring together two other highly respected entities in Al Salam Bank and E&O to strike a tripartite partnership that delivers an award-winning end-product with an innovative and cross-border structure. We aim to emulate similar successes for our subsequent funds,” she added.

Yousif, meanwhile, said the joint venture with E&O and CIMB-Mapletree had been a very fruitful one for all parties.

“We couldn't have asked for better partners to collaborate with in Malaysia. The trust in the partnership was apparent from the start and grew from strength to strength,” said Yousif.

The 73 villas enjoy an excellent location in the world-class master Seri Tanjung Pinang development, which is one of Penang's most sought-after residential enclaves, a preferred address among locals and home to more than 20 nationalities of foreigners.

By The Star