By THE STAR
PENANG: E&O Property Development Bhd (E&O Prop) is proposing three man-made islands off the east coast of Penang.
Project director (planning and business development) Mohd Razeek Hussain said the plan would be submitted to the state authorities soon.
To be linked by bridges, the islands spanning an area of about 300ha, were for Phase 2 of the Seri Tanjung Pinang, the state’s largest integrated seafront project, he said.
“We expect our plan to be approved within two years. Reclamation of 97ha along Tanjong Tokong for phase 1, which has a gross development value of RM2.6bil, is already completed,” Razeek told a press briefing yesterday.
He said when completed in 15 years, the two phases would feature 3,000 houses and condominium units and would also have several world-class marinas.
He said E&O Prop had launched 30% of the project and had seen an 85% take-up rate for the homes.
Marketing and sales director K. C. Chong said the relaxation of foreign ownership rules was one of the reasons for the popularity of the project.
“Seri Tanjung Pinang, with its prime seafront location minutes away from Gurney Drive and its popular beach resorts, is redefining the island as a vibrant new location to reside, work and invest,” he said