Eastern & Oriental Bhd’s (E&O) net profit increased 6.5-fold to RM21.24mil for the first quarter of the financial year ending March 31, 2018 from RM3.24mil in the corresponding period last year.

The lifestyle property developer attributed its earnings growth to its property segment, which witnessed higher revenue recognition from ongoing projects namely The Tamarind, the Amaris Terraces and the Ariza Seafront Terrace in Seri Tanjung Pinang (STP), Penang as well as an increase in the sale of completed properties.

E&O managing director Kok Tuck Cheong said: “Notwithstanding the prevailing property market conditions, there has been encouraging support for our properties in Seri Tanjung Pinang which has buoyed the group’s performance in the first quarter.”

During the quarter under review, E&O’s earnings per share rose to 1.66 sen from 0.26 sen in the corresponding period last year.

Going forward, E&O said it would continue to pursue the sale of completed properties and the reclamation of Seri Tanjung Pinang Phase 2A (STP2A) in preparation for the launch of projects in 2019. STP2A reclamation works were slated for completion in the second half of 2018.

“Timing is important and we are monitoring the market closely,” Kok said of the group’s upcoming projects.

Kok said that in tandem with the group’s focus on mobilising its inventory of completed properties, there were also concerted efforts towards realising the STP2A project.

He said the reclamation works for STP2A was progressing with more than 75% of the island being reclaimed.

Earlier this month, E&O shareholders sanctioned the RM766mil sale of a portion of STP2A to KWAP Inc, paving the way for the group to unlock the value of its investment in STP2A and importantly, further reinvest into the development of STP2A.

E&O noted that while property market conditions continued to be challenging, it had achieved encouraging take-up rates with its projects in Seri Tanjung Pinang. This included the positive response received for The Tamarind and Ariza Seafront Terraces phase two.

E&O said it would continue to evaluate existing assets as part of ongoing efforts to monitor cashflow while maintaining a manageable gearing level to strengthen its financial position.

Source: TheStar.com.my

M Vista is low density residential development by Mah Sing Group, part of the company’s Southbay township development at Batu Maung. It is located just a stone’s throw away from Free Trade Zone, less than 5 minutes drive to Penang Second Bridge.

This development will feature a 23-storey serviced residence, offering 237 units of residential suites with unit size ranges from 534 sq.ft. to 1,201 sq.ft.

M VISTA VIRTUAL TOUR
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Project Name : M Vista @ Southbay
Location : Batu Maung, Penang
Property Type : Serviced residence
Total Units: 237
Built-up Size: 534 sq.ft. – 1,201 sq.ft.
Indicative Price: RM345,000 onwards (Studio – SOLD OUT), RM500,000 onwards (Standard – Limited units left)
Developer : Mah Sing Group
Location Map:

SITE PROGRESS

SITE PROGRESS: M Vista @ Southbay (May 2021)

SITE PROGRESS: M Vista @ Southbay (Feb 2021)

SITE PROGRESS: M Vista @ Southbay (Nov 2020)

SITE PROGRESS: M Vista @ Southbay (Jan 2020)

Centro Residence, a strata development by Genius Access Sdn. Bhd. at Bagan Lallang, Butterworth. Located off Jalan Tembusu 5, just a stone’s throw away from The Residence gated and guarded scheme by Airmas Group. It is only 15 minutes away from the upcoming Penang Sentral, about 30 minutes drive to Penang Bridge.

This development comprises a 15-storey condominium offering 102 residential units, and 12 units of 3-storey terrace houses.

Project Name : Centro Residence
Location : Bagan Lallang, Butterworth
Property Type : Condominium and terrace
Total Units: 102 (condo), 12 (terrace)
Built-up Size: 1,216 sq.ft. – 2,131 sq.ft.
Indicative Price: RM436,000 onwards (condo), RM639,000 onwards (terrace)
Developer : Genius Access Sdn. Bhd.

Location Map:

Proposed development by Tropical Island Resort Sdn. Bhd. (subsidiary of UDA Holdings Bhd.) at Jerejak Island (Pulau Jerejak). Located off the eastern coast of Penang Island, approximately 80 acres land on the small island will be redeveloped into a world class resort and residences.

This development will see the demolition of the existing hotel buildings for the construction of in multiple phases:

Phase 1

• 10-storey hotel with 350 rooms
• 4-storey clubhouse

Phase 3

• 3 blocks of 10-storey serviced residence (450 units)
• 5-storey shop offices (60 units)

Phase 4

• 2 blocks of 10-storey condominium (556 units)
• 4-storey villa (44 units)

Phase 5

• 10-storey serviced residence (180 units)

This project is still pending for approval, more details to be available upon official launch.

Property Project : (to be confirmed)
Location : Pulau Jerejak
Property Type : Mixed resort development
Tenure: (to be confirmed)
Indicative Price : (to be confirmed)
Developer : Tropical Island Resort Sdn. Bhd.

Location Map:

Picture for illustration only

Residential units at the former Customs Department quarters in Jalan Kampung Kastam here are being demolished to make way for a 1Malaysia Housing Project (PR1MA) effort.

A statement by the Office of the Land and Mines Department Director General said PR1MA homes will be built on the 7.2ha site.

“This is to enable the people of Penang to purchase affordable housing in that area,” the statement said.

According to the statement, the land is owned by the Federal Land Commission and the demolition exercise involves 144 quarters of which 77 have been vacated.

There are still residents staying in the remaining 37 units.

The statement said only vacated units will be demolished and decided upon by the State Technical Planning Committee.

“For units with residents, the Department has to bring up the matter with the State Land Committee before any demolition can be carried out,” it said.

The quarters used to house employees of the Customs Department in the 1960s.

Meanwhile, the demolition exercise continued yesterday with another 57 uninhabited houses demolished.

Police were on hand to ensure the peace as the work was carried out by developers beginning at 9am.

Source: The Sun Daily