E&O counts on Seri Tanjung Pinang 2 for growth

Artist impression of the Seri Tanjung Pinang Phase Two project,

KUALA LUMPUR: Eastern & Oriental Bhd (E&O) expects its Seri Tanjung Pinang Phase 2 (STP2) project to be the “key catalyst” to propel the company to the next level of growth.

“The STP2 project is the main growth engine for E&O as it will provide 15-20 years of land bank for E&O,” deputy managing director Eric Chan said at a briefing.

“We have got the endorsement from the state. Now we are checking the plans to (eventually) invite tenders for the reclaimation work. We should be able to call for tenders by the end of this year,” Chan said.

Its growth target to achieve a cumulative profit after tax of RM450mil-RM500mil from the financial year ended March 31, 2014 (FY14) to FY16 is also backed by its four other growth engines in key areas that is in the Klang Valley, Penang, Johor and London.

“In terms of financials, we are on track (to achieve it). We do not focus on quarterly or yearly results but in the medium term we are on track as we have hit RM120mil in FY14 and we continue to chase the target within the two years,” Chan said. - The Star

Penang approves E&O's masterplan for STP phase 2

Artist's impression of Seri Tanjung PInang phase two.

PETALING JAYA: The Penang state government has endorsed Eastern & Oriental Bhd’s (E&O) masterplan for the second phase of its Seri Tanjung Pinang (STP) project.

In its filing with Bursa Malaysia, E&O said its subsidiary Tanjung Pinang Development Sdn Bhd was notified yesterday that its masterplan for STP phase two had been endorsed by the Penang State Planning Committee.

The property developer had earlier hoped to receive endorsement for the project by the fourth quarter of this year.

On April 10, the Department of Environment granted E&O an approval in principle for the detailed environmental impact assessment study and conceptual masterplan for the STP phase two project.

STP phase two will involve reclamation of 760 acres of man-made islands and 131 acres of the Gurney Drive foreshore, which will be handed over to the state government for infrastructure development.

The infrastructure development will be for a new expressway, a new Gurney Drive promenade, and a parallel linear park for public recreational purposes.

Reclamation work is to take three to five years, and the development will take up to 15 years.

Phase one of the STP project involved the reclamation of 239 acres and was completed in 2005. To date, about 2,500 housing units have been completed at STP. - The Star