E&O focuses to complete STP2 reclamation by this year

February 23rd, 2018 Leave a comment

stp2-designLifestyle luxury developer Eastern & Oriental Bhd (E&O) will remain focused on completing the reclamation of Seri Tanjung Pinang Phase 2 (STP2) in Penang by the second half of this year.

According to managing director Kok Tuck Cheong, land titles for areas reclaimed above two metres chart datum (CD) have been obtained from the relevant authorities.

“Concurrently, more detailed design works for STP2A, based on the parameters of the broad conceptual master plan, have commenced and are at the initial stages,” he said in a statement.

The two-phased Seri Tanjung Pinang (STP) is a master-planned seafront development on the northeast coast of Penang island.

The 97ha first phase, Seri Tanjung Pinang Phase 1 (STP1), is fully reclaimed.

SSTP2, located in the waters to the east of the first phase, covers an area of 308ha. The first tranche of reclamation works for STP2 commenced in 2016.

Kok said in the next 12 to 18 months, the group would be mobilising sales of the final phase of Ariza Seafront Terraces at STP1.

E&O is also targeting to launch properties in STP2A, of which Retirement Fund Inc (KWAP) has a 20 per cent share.

KWAP acquired 20 per cent of the STP2A development land measuring about 1.45 million sq ft of net development land for RM766 million from E&O’s subsidiary Tanjung Pinang Development Sdn Bhd ― the project proponent for STP2A.

Source: NST Online


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