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Saturday, January 23, 2010

E&O Prop will soon launch RM1.8bil condo project

An artist’s impression of the RM1.8bil Quayside condominium to be launched at Seri Tanjung Pinang.

GEORGE TOWN: E&O Property Development Bhd will launch the RM1.8bil Quayside luxurious condominium at its sea-fronting Seri Tanjung Pinang project in Tanjung Tokong early next month.

Group general manager (marketing and sales) Lim Hooi Yen said the scheme on a 21-acre freehold land would resemble the home projects on Sentosa Island (Singapore) and Sovereign Island in the Gold Coast (Australia).

Speaking at a media briefing, she said the project would comprise seven blocks of high and low-rise condominiums, surrounded by 4.5 acres of water park and a 6.9-acre tropical garden.

“Next to Quayside is the Straits Quay, comprising a serviced suite component and a 250,000 sq ft of marina and retail space that will be leased to food and beverage outlets,” Lim said.

The serviced suite component had over 200 apartments, she said, adding the Straits Quay would be ready by the year-end.

The Straits Quay, and the size of both the water park and tropical garden, was what distinguished the Quayside condominium from other projects of its kind in Penang, she added.

“We will be going to Britain, Hong Kong, and Singapore to market Quayside where we expect some 30% of our sales will come from,” she said.

Lim said that on Feb 6, only the first block – a 26-storey building with 298 units – would be opened for sale.

“The other seven blocks will be launched in phases over a five year-period. The first block is targeted for completion in 36 months,” she said.

The Quayside is located within the first phase of the 908-acre Seri Tanjung Pinang housing project.

Lim said that to-date, only the first phase, comprising 240 acres of reclaimed land, had been developed.

“Over 500 landed residential properties have been developed and sold in the first phase.

“The estimated gross sales value for the first phase, which includes the Quayside and Straits Quay, is RM4bil,” she said.

By The Star (by David Tan)

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