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Tuesday, February 19, 2008

E&O on target for 2008

An artist's impression of E&O's proposed commercial tower in KL

PETALING JAYA: E&O Property Development Bhd’s plans to launch two high-end projects during the third quarter of the year are on target. One is a commercial development situated on a 4.1- acre site in Kuala Lumpur, while the other is a residential project on a 21-acre parcel
within its 980-acre Seri Tanjung Pinang seafront, mixed development in Penang.

According to its marketing and sales director KC Chong (pix), it has since begun sub-structure works on the former St Mary’s school site in Jalan Tengah in KL. Plans are for a mixed commercial development featuring serviced apartments and retail and food and beverage outlets.

“We will be launching the apartments in phases and will have built-ups of between 1,000 sq ft and 3,000 sq ft,” Chong told theSun after the Group’s post-EGM press conference last week. On the apartments’ pricing, Chong would only say that property prices in the vicinity have breached the RM1,000 psf mark.

It also plans to retain some units for rental income. There will be 657 units housed in three 28-storey blocks as well as 35,000 sq ft of retail space. Adjoining the project on a 1.1-acre site will be a 35-storey Grade A commercial building owned by the E&O Group that will be kept for investment purposes.

Also planned for launch in the third quarter are 1,000 condominium units, with a gross development value (GDV) of more than RM1 billion, which form the last leg of development for the first phase of Seri Tanjung Pinang totaling 240 acres. The first phase has a GDV of RM2.7 billion.

Earlier during the press conference E&O Property Development managing director Datuk Terry Tham said E&O is currently in negotiations with several local and foreign parties to jointly develop the project.

On the condos’ (that will be partially furnished) pricing, Chong said that it would reflect the prices of its Suites at Waterside project in the first phase of Seri Tanjung Pinang, which are priced at about RM600 psf.

On the progress of the Seri Tanjung Pinang development, Chong said it has obtained approvals from the state government on the concept of the second phase totaling 740 acres. The second phase comprises a cluster of three islands that will be connected to the mainland.

“For the next two years, we will be getting the necessary approvals as well as starting the physical works on the site. This phase will take between 10 and 15 years to complete and
the components will be similar to those residential and commercial properties in the first phase.
We have plans to introduce gated homes,” said Chong.

Meanwhile shareholders of E&O Property Development have given their approval for its merger with Eastern & Oriental Bhd at a courtconvened meeting last week. Approvals were also obtained from shareholders of Eastern & Oriental Bhd at an EGM that was held after the court-convened meeting.

With the merger targeted for completion by June, Tham said it plans to enhance its hospitality and lifestyle, and property investment businesses alongside property development, which now contributes more than 90% to the group’s earnings. It aims to scale the earnings contribution from property development to 60% and equal contribution from the other two sectors, Tham added.

By theSun (by Loo Pik Kwan)

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