KUALA LUMPUR (Dec 8): Lifestyle property developer Eastern & Oriental Bhd (E&O) may now commence reclamation works for Phase 2 of Seri Tanjung Pinang (STP2) development at Tanjung Tokong in Penang, after obtaining planning permission from the Penang Town and Rural Planning Department.
In a filing with Bursa Malaysia today, E&O said its unit Tanjung Pinang Development Sdn Bhd was granted planning permission for land reclamation works in accordance with the approved masterplan in relation to STP2.
“With the approval in hand, Tanjung Pinang Development may now commence reclamation works for STP2,” it added.
Nevertheless, the planning permission is conditional upon Tanjung Pinang Development in due course surrendering 191.09 acres of reclaimed land to the Penang government.
“Out of this, 110 acres will be the net area of land available for development made up of 60 acres on the man-made island and 50 acres at Persiaran Gurney,” said E&O.
To recap, Tanjung Pinang Development was granted the exclusive right to reclaim and develop approximately 980 acres of land in the Tanjong Tokong district, north-east of Penang.
The first phase of the project was to develop sea-facing villas, modern terraced and semi-detached homes, luxury condominiums and holiday apartments on 240 acres of land.
Phase 2 involves development of a series of islands on 740 acres of reclaimed land to create the largest masterplanned waterfront community in Penang.
E&O had received conditional approval for STP2 development from the Department of Environment, Ministry of Natural Resources and Environment for the detailed environmental impact assessment study and conceptual masterplan in April this year.
Shares in E&O closed down 0.43% at RM2.32 today, bringing a market capitalisation of RM2.58 billion.