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Friday, August 3, 2012

E&O plans RM1b projects

THREE MORE: Development of condominiums in KL, Johor and Penang

EASTERN & Oriental Bhd (E&O) will be launching three more condominium projects with a total gross development value of about RM1 billion, within the next six months.

The projects will include the first phases of its properties in Kuala Lumpur, Johor and Penang, said deputy managing director Eric Chan.

The Kuala Lumpur project is located on a half hectare land on Jalan Yap Kwan Seng, while the Johor one is the first part of the RM3 billion Medini Integrated Wellness Capital in Iskandar Malaysia.

The Penang project is the group's second tower for its Andamam at Quayside condominiums.

Chan told reporters this after a media briefing on its completed luxury lifestyle project, St Mary Residences, here yesterday.

St Mary Residences, developed in partnership with the Lion Group, comprises 457-unit luxury apartments, and the E&O Residences Kuala Lumpur, which is the group's first serviced apartment project in Kuala Lumpur. It also has a retail centre of over 34,400 sq ft, which is expected to be fully occupied by the end of this year.

Chan said, to date, half of the retail space had been taken up.

The apartment units, which include 16 penthouses and four super penthouses, were sold between RM1.5 million and RM12.18 million.

All the apartment units, said Chan, have been sold out while the penthouse units will be offered for sale soon.

He said in collaboration with Lamborghini KL, buyers of the su-per penthouses will be offered an option to purchase a limited edition Lamborghini priced at RM1.68 million.

Chan also said E&O for the next six months will provide information on the range of rentals, to owners of the units at St Mary Residences who will be getting their keys next week.

"We will assist them in getting their units rented out for free for the first six months and we will work with valuers and property agents on this," he said adding that the rental price will be between RM5.50 and RM8 per sq ft.

The smallest unit is a studio suite measuring 1,131 sq ft while the biggest is the penthouse unit with a size of 6,759 sq ft.

By Business Times

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