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Tuesday, June 28, 2011

E&O in maiden foray into Johor

Eastern & Oriental Bhd (E&O) has entered into a shareholders' agreement with Pulau Indah Ventures Sdn Bhd to the development of a township in Iskandar Malaysia.

"We are excited about our maiden foray into Johor.

"With E&O's experience in delivering premier lifestyle properties and the backing of a solid strategic partnership, we are confident of translating the envisioned iconic wellness township concept into a reality for Iskandar Malaysia," said E&O Deputy Managing Director Eric Chan Kok Leong in a statement today.

He said the group would leverage on its expertise from three core businesses to fuel future growth, namely property development, hospitality and lifestyle, and property investment

The 210-acre land for the proposed development is 15 minutes drive from the Tuas Second Link to Singapore, and is in the Heritage Cluster in Medini Central of the Nusajaya flagship zone.

The agreement entered into through E&O's indirect wholly-owned subsidiary, Galaxy Prestige Sdn Bhd, with Pulau Indah will establish a 50/50 joint venture company named Nuri Merdu Sdn Bhd.

By Bernama

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