STP2A reclamation completed with maiden launch anticipated end 2020

Posted on 03 Dec 2019
Share this article   

Sunset landscape with Sand suction platform at Ban Khlong Muang,

KUALA LUMPUR: Eastern & Oriental Bhd’s (E&O) completion of the reclamation of Seri Tanjung Pinang Phase 2A (STP2A) last month marks a significant milestone for the group’s next growth trajectory.

“Our resources are focused towards the creation of a new prime seafront address, building further on the success we achieved in STP1,” said its managing director Kok Tuck Cheong.

“We are currently finalising the masterplan design, incorporating several bold, game-changing components to anchor STP2A as the truly unique and first choice destination to live, play and work in Penang. The maiden launch for STP2A is currently scheduled for the end of 2020.” 

Despite a muted property market this year, E&O continued to focus on inventory reduction and managed to sell RM181.9mil worth of properties in the first half of the group’s financial year, Kok said.

“This is a strong indication that our projects continue to command a market premium and appeal to astute investors. 

“We anticipate continued demand for properties in strategic locations backed by a reputable brand name. As such, we recently unveiled Conlay serviced residences centrally located in Kuala Lumpur City Centre and across from the Conlay Station Integrated Development.

“This is our second joint venture residential development with Mitsui Fudosan Group widely regarded as Japan’s largest real estate developer and is designed by renowned Kerry Hill Architects.

“We believe the strong fundamentals of Conlay; fine craftsmanship, a choice location and the partnership of two leading brand names make for a prime investment choice,” he said.

Meanwhile, E&O’s total revenue achieved for the first half ended Sept 30, 2019 (1H2020) decreased to RM271.4mil as compared to RM379.4mil recorded in the corresponding period last year.

The decrease in the group’s revenue was mainly attributed to the property segment, which recorded a revenue of RM240.4mil in 1H2020 as compared to RM334.9mil recorded in 1H2019.

The property segment was impacted by lower revenue recognition as the development projects in STP 1, namely The Tamarind and Ariza Seafront Terraces, were completed in the previous financial year. However, this was mitigated by continuing sales of the remaining inventories in STP1. 

The group’s hospitality segment registered a revenue of RM28.9mil in 1H2020 as compared to RM42.6mil in 1H2019. The decrease was mainly due to the temporary closure of the Heritage Wing of Eastern & Oriental Hotel since March for an extensive refurbishment exercise.

The Heritage Wing is set to re-open for business this month with newly appointed suites, F&B concepts and secured bookings for the refreshed Grand Ballroom. 

The group’s pre-tax profit for the current financial period was dampened by the unrealised foreign exchange loss amounting to RM16.3mil as compared to an unrealised foreign exchange gain of RM0.2mil in the previous corresponding financial period.

This led to a loss of RM10.7 mil recorded for 1H2020 as compared to the profit after tax after minority interest of RM32.5mil in the previous financial period. 

Want to contribute articles to StarProperty.my? Email: editor@starproperty.my
Was this article helpful?
Related News

Fresh from the news oven

Friday, 06 Dec 2019 17:12 PM

World-class township blooms in Seremban

Featured Dev
Friday, 06 Dec 2019 17:12 PM

Filling your house with greens

News & Articles
Friday, 06 Dec 2019 14:12 PM

Matrix Concepts steps up the game with a Marine Christmas

News & Articles
Latest News

Stories and news that might pique your interest

Friday, 06 Dec 2019 17:12 PM

World-class township blooms in Seremban

Featured Dev
Friday, 06 Dec 2019 17:12 PM

Filling your house with greens

News & Articles
Friday, 06 Dec 2019 14:12 PM

Matrix Concepts steps up the game with a Marine Christmas

News & Articles
Friday, 06 Dec 2019 14:12 PM

The movers and shakers of 2020

News & Articles
Friday, 06 Dec 2019 12:12 PM

Forest City collaboration focuses on nature conservation

Featured Dev
Thursday, 05 Dec 2019 15:12 PM

Mah Sing continues focus on M40 segment with M Luna

News & Articles
Friday, 06 Dec 2019 17:12 PM

Filling your house with greens

News & Articles
Friday, 06 Dec 2019 14:12 PM

Matrix Concepts steps up the game with a Marine Christmas

News & Articles
Friday, 06 Dec 2019 14:12 PM

The movers and shakers of 2020

News & Articles
Thursday, 05 Dec 2019 15:12 PM

Mah Sing continues focus on M40 segment with M Luna

News & Articles
Thursday, 05 Dec 2019 15:12 PM

SP Setia snags Mardi award with Precinct Arundina

News & Articles
Thursday, 05 Dec 2019 10:12 AM

House cleaning hacks with baking soda (part 1)

News & Articles
Friday, 06 Dec 2019 17:12 PM

Filling your house with greens

News & Articles
Friday, 06 Dec 2019 14:12 PM

Matrix Concepts steps up the game with a Marine Christmas

News & Articles
Friday, 06 Dec 2019 14:12 PM

The movers and shakers of 2020

News & Articles
Thursday, 05 Dec 2019 15:12 PM

Mah Sing continues focus on M40 segment with M Luna

News & Articles
Thursday, 05 Dec 2019 15:12 PM

SP Setia snags Mardi award with Precinct Arundina

News & Articles
Thursday, 05 Dec 2019 10:12 AM

House cleaning hacks with baking soda (part 1)

News & Articles
Monday, 18 Nov 2019 10:11 AM

10 things you can DIY at home

Home & Living
Monday, 18 Nov 2019 10:11 AM

Levelling a floor

Home & Living
Sunday, 17 Nov 2019 10:11 AM

Customising your own marble substitutes

Home & Living
Saturday, 16 Nov 2019 10:11 AM

Plastering a wall

Home & Living
Saturday, 16 Nov 2019 10:11 AM

Painting a wall

Home & Living
Friday, 15 Nov 2019 10:11 AM

Replacing tiles

Home & Living
Friday, 06 Dec 2019 17:12 PM

World-class township blooms in Seremban

Featured Dev
Friday, 06 Dec 2019 12:12 PM

Forest City collaboration focuses on nature conservation

Featured Dev
Wednesday, 27 Nov 2019 11:11 AM

Advertorial: Choice of low-density residence in a populous place

Featured Dev
Thursday, 07 Nov 2019 16:11 PM

Double prosperity deal for potential buyers

Featured Dev
Thursday, 07 Nov 2019 15:11 PM

Centred around conveniences

Featured Dev
Friday, 01 Nov 2019 12:11 PM

So, do you know the developer?

Featured Dev
Friday, 29 Nov 2019 14:11 PM

A German Christmas at Sunway Pyramid

Events
Friday, 01 Nov 2019 17:11 PM

Win free prizes while shopping for your dream home

Events
Thursday, 24 Oct 2019 09:10 AM

SkyWorld brings the sky living experience to life

Events
Saturday, 19 Oct 2019 13:10 PM

Developers provide great offers at the StarProperty fair

Events
Monday, 08 Oct 2018 09:10 AM

Honoring the Southern developers

Awards 2018
Monday, 01 Oct 2018 17:10 PM

Quiet charm of Shah Alam

Best@
Thursday, 20 Sep 2018 13:09 PM

Johor an economic development powerhouse

Awards 2018
Thursday, 23 Aug 2018 17:08 PM

Best@Shah Alam: Fengshui talk

Best@
Thursday, 18 Jul 2019 12:07 PM

买电梯房哪几楼千万不能选?

潮樓產業
Tuesday, 16 Jul 2019 14:07 PM

全球房产泡沫哪区最严重?

潮樓產業
Friday, 12 Jul 2019 10:07 AM

如何评估一套房产是否值得投资

潮樓產業
Wednesday, 10 Jul 2019 16:07 PM

退休生活要怎么过?

潮樓產業
Wednesday, 10 Jul 2019 14:07 PM

购置二手房需注意什么法律问题?

潮樓產業
Tuesday, 09 Jul 2019 12:07 PM

有地房产或高楼住宅孰优孰劣?

潮樓產業