E&O's seaside villas sold out

Business Times, April 16, 2013
Cheryl Yvonne Achu

RM260.6m SALES: Venture between E&O, CIMB-Mapletree and Al Salam Bank of Bahrain

EASTERN & Oriental Bhd (E&O) has sold all 73 units worth RM260.6 million of its Villas By-The-Sea project in Seri Tanjung Pinang. The project was a collaboration between E&O, CIMB-Mapletree Management Sdn Bhd (CIMB-Mapletree) and the Al Salam Bank of Bahrain.

The parties signed an agreement in 2006 to jointly develop the villas. A private event was held in Penang recently to mark the culmination of the successful collaboration. E&O was represented by deputy managing director Eric Chan Kok Leong, while the other two parties were represented by CIMB-Mapletree chief executive officer Raja Noorma Raja Othman and Al-Salam Bank chief executive officer Yousif Taqi.

Chan said E&O's aim was to fulfil lifestyle aspirations. "We are very grateful to our partners CIMB-Mapletree and Al-Salam for their confidence and trust in us," he said. Raja Noorma said the secret to a successful joint venture lies in the insightful selection of players who will bring together a unique congruence and synergy of shared objectives and complementary capabilities.

"Leveraging on CIMB-Mapletree's unrivalled network and reach, we were able to bring together two other highly respected entities in Al Salam Bank and E&O to strike a tripartite partnership that delivers an award-winning end-product with an innovative and cross-border structure. We aim to emulate similar successes for our subsequent funds," she said. Yousif described the joint venture as "a very fruitful one for all parties".

"We couldn't have asked for better partners to collaborate with in Malaysia. The trust in the partnership was apparent from the start and it grew from strength to strength," he said. The 73 villas enjoy an excellent location in the world-class master Seri Tanjung Pinang development, which is one of Penang's most sought-after residential enclaves, a preferred address among locals and home to more than 20 foreign nationalities.

The first batch of 40 two- to three-storey detached villas were sold and delivered to the purchasers in 2009, while the second batch of 33 units of three-storey detached and three-storey super-semi-detached villas were recently completed and delivered.