Eastern & Oriental Bhd (E & O) eyes to launch RM205 million worth of properties at its Seri Tanjung Pinang development in Penang over the next three months, reported The Star.
The upcoming launches will include 32 units of Ariza Seafront terraced homes and 29 units of Amaris Terraces By-The-Sea, with built-ups of 3,800 sq ft and 5,262 sq ft respectively.
Set for launch in early-December, the Amaris homes are currently at the preview stage and will be among the last set of landed properties at the seafront masterplanned development.
“These superlink terraces will open up to sea views with internal courtyards reminiscent of gracious Penang houses of old,” said E & O in a statement.
Launched in 2005, Ariza terraced homes inaugural version were courtyard units that marked the successful launch of properties within Seri Tanjung Pinang. The upcoming Ariza terraces, which are slated for launch in Q1 2017, will offer the added distinction of proximity to seafront.
In planning the launches, E & O managing director Kok Tuck Cheong shared that the group took into consideration the prevailing subdued market environment where investors generally took a ‘wait-and-see’ approach.
“While the present market environment calls for us to be selective in our launches, we believe there are pockets of opportunities to be realised,” he said.
“The property market is cyclical and as past trends have shown, innovative products in good locations backed by an established brand and track record will continue to appeal to genuine buyers.”
Aside from the Ariza and Amaris launches, imminent launches before the end of 2017 include the maiden launch of terraced homes at the Elmina West township in Selangor and the service apartment project at Jalan Conlay, Kuala Lumpur, with joint venture partner Mitsui Fudosan.
In a Bursa Malaysia filing, E & O revealed that earnings for the second quarter ended 30 September fell 84 percent year-on-year to RM3.83 million. Revenue also dropped 7.5 percent to RM79.27 million.
On a half-yearly basis, the company earnings fell from RM47.71 million to RM7.1 million. However, revenue jumped 57 percent to RM242.59 million.
The company attributed the decline in half-year profit to ‘investments and others’ segment posting a RM28.15 million operating loss against a profit of RM32.17 million in the previous corresponding period. It noted that results were primarily affected by the British pound’s exchange rate volatility.
Nonetheless, its property segment recorded robust operating profit growth of 537 percent to RM51.84 million over the first six months of the financial year.
Image sourced from E&O
Diane Foo Eu Lynn, Senior Content Specialist at PropertyGuru, edited this story. To contact her about this or other stories email diane@propertyguru.com.my
