Artist's impression of Seri Tanjung PInang phase two. E&O MD Datuk Terry Tham
Eastern and Oriental Bhd
’s (E&O) development of the Seri Tanjung Pinang project showcases that Malaysian developers have what it takes to undertake unique and challenging projects on reclaimed land in the likes of Dubai’s Palm Jumeirah.
The land for the two phases of Seri Tanjung Pinang (STP) has to be reclaimed from the sea off the north-east coast of Tanjung Tokong in Penang. The reclamation for the 240-acre phase one incurred some RM500mil and a development cost of a further RM1bil, for an after tax margin of around 15%.
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