E&O Property project to woo yachting community

By BUSINESS TIMES

PENANG’S role as a marine playground for individual boat owners is set to be enhanced with the construction of several pleasure marinas at the Seri Tanjung Pinang project in Penang.

Construction of the first pleasure marina and a block of serviced apartments and retail lots have commenced at the first phase of the project in Tanjong Tokong.

“We want to enhance the property value of our project by adding more marinas to the second phase while getting the yachting community on Penang island and overseas to use the facilities,” E&O Property Development Bhd project director (planning and business development) Mohd Razeek Hussain told reporters during a media familiarisation tour of Seri Tanjung Pinang yesterday.

Mohd Razeek said the first marina, which will front the apartments and retail lots, are meant for the use of the project’s residents and the locals.

He said the marina will be maintained by E&O Property Development.

“The first marina is slated for completion by 2010,” Mohd Razeek said, “and we have not decided yet on the number of marinas which will dot the second phase of our project.”

The Seri Tanjung Pinang project is a master-planned development totalling 392ha.

Its first phase comprises 96ha of landscaped parks, boulevards and seafront esplanades set amidst a guarded community of high-end and affordable housing.

Seri Tanjung Pinang Phase 2 will be made up of 296ha and will see a cluster of islands emerging offshore, linked by a series of bridges to Phase 1.

Mohd Razeek said the The Suites At Waterside project adjoining the marina is to be launched next month. It will comprise 160 serviced apartments which are priced from RM420,000 to RM1.8 million.

“Two floors of this block, totalling 250,000 sq feet, have been earmarked for retail use,” he added, saying that E&O Property Development will rent the lots out in a bid to ensure a good mix of tenants.

“With the marina as its focal point, this project is set to be a hive of activity and colour reminiscent of waterfront tourist attractions in Australia, the Mediterranean and the US,” he added.

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