KUALA LUMPUR: Eastern & Oriental Bhd (E&O) is set to launch Andaman at Quayside, a luxury condominium project at its flagship Seri Tanjung Pinang development in Penang this weekend.
With a gross development value (GDV) of RM1.2 billion, the project is on a 6.4-acre site that the developer describes as “the final, most prime lot” at its master planned development of Seri Tanjung Pinang.
The first of three condominium towers will be launched on Feb 18. There are 169 units within the first tower, while the remaining towers have 211 and 169 units respectively. Unit built-ups for the first tower range from 1,128 sq ft for a one-bedroom studio suite to 4,755 sq ft for penthouses. Studio units are tagged from RM1.42 million. There are also 1+1, 2- and 3-bedroom suites sized at 1,188 sq ft, 2,407 sq ft and 2,776 sq ft respectively.
Seri Tanjung Pinang, involving the reclamation of 980 acres, consists of two phases and is Penang Island’s largest seafront development. Andaman is located within the 21-acre freehold Quayside enclave of high-rise developments in Seri Tanjung Pinang with a total GDV of RM1.8 billion. The Quayside Seafront Condominiums (Phase 1) launched in January 2010 is close to 80% sold, with prices from RM765,000 for a one-bedroom unit.
According to a statement by E&O, Quayside boasts 60% green lung and recreational areas that include a 4.5-acre private waterpark and another 6.9 acres park area. The project is situated just beside Straits Quay, an international festive lifestyle retail marina.
|An artist's impression of the Andaman at Quayside's clubhouse.
E&O deputy managing director Eric Chan said: “Andaman at Quayside sits within Penang Island’s largest seafront development and most sought-after residential address. It is a stone’s throw away from clusters of bungalows and villas, as well as the Straits Quay seafront retail precinct, marina and multi-level entertainment complex.
“Imagine being greeted by spectacular views of the sea each morning as you awake, hearing the sound of the waves rippling across the shore — nature’s gift you can enjoy from the plush comfort of your Andaman home.”
For the launch tomorrow, a special viewing platform just 50 ft from the newly launched tower will be erected where potential buyers can experience the actual ocean views that residents would be enjoying from the comfort of their homes.
The condo offers a 270-degree view of the Andaman Sea, Gurney Drive and the Batu Ferringhi beaches. About 75% of the units will face the sea and Gurney Drive, said the developer.
“We are encouraged by the thriving response to our earlier launches and with Andaman, we are confident that a project of this calibre is a blue chip investment in good as well as volatile times,” Chan said.
He said Andaman’s excellent location and value proposition is expected to attract healthy local and foreign demand. “Foreign buyers in particular, would find the pricing of Andaman extremely attractive especially with the current favourable exchange rate enabling them to enjoy unattainable value for a similar-sized condominium in any neighbouring seafront development.”
The waterpark and clubhouse include a formal signature pool, beach pool with beach chairs and cabana, outdoor spa pool with hot and cold plunge pools, whirlpools, bubble jets and water massage falls.
There is also a tennis court, a multi-purpose court, jogging and cycling tracks, barbeque pits and gazebos.
Aside from property development, the E&O group has been present in Penang via its hospitality and lifestyle division with the E&O Hotel and Lone Pine Hotel.
This article appeared on the Property page, The Edge Financial Daily, February 17, 2012.