THE Straits Quay marina in Tanjung Tokong, Penang, welcomed its first guest vessel with the promise of a wholesome lifestyle experience for visiting boaters.

The Amadeus, a 28m-long motorised yacht owned by Singaporean entrepreneur Herman Ho, made her way into the marina, accompanied by Eastern & Oriental Bhd’s (E&O) own vessel, the Lady Kinari.

“It’s been years in the making, and we’re very excited to welcome our first visiting boat,” said E&O group hospitality and lifestyle director Michael Saxon.

“We believe this international-standard marina would add some depth to Penang.

“A lot of foreigners have bought units at Straits Quay. Many of them own boats and some have wondered if they can park them here.

“Now, they can step out onto the balcony and see their vessels parked below,” Saxon said, adding that quite a few boats had booked births for their arrival.

Complementing the marina facilities are Straits Quay’s food and beverage outlets, service apartments and concierge service, ensuring visitors would have their needs taken care of, and much to enjoy, during stopovers.

The marina has 40 berths in total, and is able to accommodate ships up to 20m in length.

It has a larger, central pier that accommodates larger vessels like the Amadeus for short term docking.

Marina operations manager John Ferguson said each berth would be equipped with facilities for electricity and water, and docking boats would be charged at RM3 per metre in length per day.

“The marina is an integral part of Straits Quay, and the people of Penang can look forward to exciting water-related activities, boat charters and excursions.

“With this, we anticipate Penang becoming a prime destination for boaters,” Ferguson said.

He added that once the expansion process of the E&O Hotel in George Town is complete, they would be running a water limousine service between the two properties.

SOURCE: The Star

KUALA LUMPUR: SP Setia Bhd (8664)is considering the possibility of venturing into Singapore's property market soon, says its president and chief executive Tan Sri Liew Kee Sin.

"With the breadth and depth of products that we have to offer, from townships to luxury homes and integrated commercial developments, we are well-positioned to benefit from the structural upshift in this sector," Liew told newsmen at invest Malaysia 2011 here yesterday.

The property developer is also on track to achieve its targeted RM3 billion sales this year from RM2.3 billion in 2010, backed by new project launches and the growing property market.

SP Setia's sales for the first five months of the financial year hit RM1.21 billion as at March 31.
Liew said the strong impetus provided by the government's Economic Transformation Plan, a young demographic with more people entering the house-buying age, growing income levels and a supportive banking sector augur well for the domestic property sector.

He said the group is confident that prospects for the Malaysian property market will remain robust.

"The growing confidence in the country's private sector, together with the government's stimulus, is boosting the property market," he said.

He said over the last eight months, the group has been steadily increasing its landbank in Johor and Klang Valley.

Liew said SP Setia's current active projects, including that in Penang, have a remaining gross development value (GDV) of about RM19 billion.

With the upcoming launch of its KL Eco City and Setia City, which have GDV of RM6 billion and RM10 billion respectively, coupled with three new projects in Klang Valley and Johor Baru with total GDV of RM5.5 billion, the group's project pipeline has increased to RM40.5 billion.

SP Setia, which has a current market capital of RM7.5 billion, expects to launch its venture in Melbourne, Australia, called Fulton Lane, a A$450 million (RM1.4 billion) high-rise residential development within two months.

SOURCE: Business Times

Eastern & Oriental Bhd, a Malaysian property developer, rose the most in three weeks in Kuala Lumpur trading after winning state approval for the second phase of a development in Penang.

The stock gained 2.6 per cent to RM1.20 at 9:11 a.m. local time, set for its biggest increase since March 23. — Bloomberg


SOURCE: Business Times

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