By: Yip Wai Fong
PENANG: Eastern and Oriental Bhd (E&O) has launched AVEA, the latest phase of its marina-edge serviced residence in the waterfront township of Andaman Island, offering homebuyers a contemporary lifestyle centred on connectivity, convenience and leisure by the sea.
With a gross development value (GDV) of RM1bil, AVEA comprises 1,080 fully furnished units across two towers, A and B, each with 540 units. The freehold, GreenRE Platinum (Provisional) certified development offers five layouts ranging from 678 sq ft to 1,076 sq ft in one-plus-one-bedroom, two-bedroom and three-bedroom configurations.
Following a private viewing earlier this year, E&O said Tower A has already achieved a take-up rate of 65%. This follows the success of Maris serviced residence, launched in December 2024, which is 75% taken up. Both developments will be fronting a promenade with retail and communal spaces, in line with Andaman Island’s waterfront lifestyle proposition.
At an exclusive media event, managing director Kok Tuck Cheong said Andaman Island’s 30-year long-term plan features premier lifestyle elements including marina berths, a 2km canal and 31 acres of green space. Spanning 760 acres off the coast of Gurney Bay, Kok said the urban island is developed for long-term environmental sustainability.
“We are committed to ensuring a certain depth and healthy level of water turbidity at the canal; the common areas in the island will be fitted with only LED lighting and plants watered by recycled water from our green sewerage system,” he explained.
With its close proximity to Gurney Drive further facilitated by the newly opened Gurney Bridge, Kok also said that the island could potentially benefit from tourists' spillover. Over the next few years, the developer plans to introduce components including retail, hospitality, medical and offices through partnership with established operators. He added that while the current focus on the island is residential developments, deliberations for future commercial components are on-going.
Six residential developments have been launched since 2022, featuring serviced residences The Meg, Arica, The Lume, Maris and Avea and three-storey linked and semi-detached homes Fera and Senna.
During a media tour at the island, delegates visited recently completed developments The Meg, Fera and Senna. The Meg was fully sold in the first quarter of 2023 while the latter was fully taken up eight months after launch.
E&O sales and marketing general manager Ramesh Gnanasegaran said Andaman Island developments are well-received by the locals while foreigners make up less than 20% of the buyers.
“80% of our buyers are from Penang. We are seeing an influx of Taiwanese buying here while other nationals are Singaporeans, Indonesians and the British,” he said.
Stay ahead of the crowd and enjoy fresh insights on real estate, property development and lifestyle trends when you subscribe to our newsletter and follow us on social media.
