Eastern & Oriental Bhd (E&O) is ramping up its development momentum with RM2.2 billion worth of property launches scheduled for the remainder of 2025, while also pitching its flagship Andaman Island in Penang as the potential site for the proposed RM10 billion Penang International Financial Centre (PIFC).

Managing director Kok Tuck Cheong said the launches will include Elmina retail shops, landed homes, Senna and Fera, and Andaman Island’s Plot 16E. He expects a heavier launch schedule in the second half of FY26, with Malaysians continuing to anchor demand for Andaman projects, complemented by increasing interest from Chinese buyers in the Klang Valley.

E&O is targeting sales of at least RM1.2 billion in FY26, backed by RM1.34 billion in unbilled sales as of the first quarter. For the quarter ended June 30, 2025, the developer posted a 21.1% year-on-year jump in net profit to RM45.4 million, driven by stronger contributions from property development and investment, while revenue rose 10.8% to RM183.5 million.

Key ongoing projects on Andaman Island include The Meg, Arica, The Lume and Maris, all slated for completion between 2026 and 2028, alongside landed phases of Senna and Fera. Outside Penang, E&O is developing The Peak in Damansara Heights with Mitsui Fudosan, due for completion in late 2025. The group also recently secured GreenRE Platinum provisional certification for its latest phases in Senna and Fera, underscoring its sustainability agenda.

Meanwhile, E&O has formally submitted its proposal to site the RM10 billion Penang International Financial Centre on Andaman Island. Competing locations include Gurney Bay, Jelutong, Pulau Jerejak, Penang South Island, North Butterworth and Batu Kawan.

Kok is confident Andaman’s contiguous land layout, integrated amenities and infrastructure capacity will give it an edge. “If awarded, it will give the island international recognition,” he said, noting that the project could attract foreign investors, venture capital, and private equity funds, while reinforcing Penang’s role in the semiconductor and technology sectors under the New Industrial Master Plan 2030 and National Semiconductor Strategy.

The project award could be announced this year, pending discussions with the Ministry of Finance and the Securities Commission. If successful, the financial hub is expected to generate strong multiplier effects for Penang’s economy and elevate Andaman Island into a global investment destination.

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