Lifestyle aspirations take shape in E&O properties
Eastern & Oriental (E&O) strengthens the Malaysian property market as a choice second-home destination among high-net-worth individuals from the region and beyond. Every new trend it establishes draws more and more foreign buyers to Malaysia, where foreign ownership of landed properties and freehold titles is encouraged by 10-year visa grants to foreign property buyers.
E&O evokes the cultural legacy of Penang's historic Eastern & Oriental Hotel, which the company successfully restored to its Old World glory in 2001. Taking its name from this iconic more-than-century-old heritage hotel, E&O has gone on to resolutely set its course as an aspirational lifestyle developer with an impressive track record.
Listed on the main board of Bursa Malaysia, the company dominates the luxury lifestyle niche a decade on with a succession of exceptional residential developments across a series of exclusive addresses in Kuala Lumpur and Penang. E&O's expanding property portfolio sees the company venturing into new growth areas such as Iskandar Malaysia in the southern Malaysian state of Johor, and further afield with its maiden international foray into central London.
"We have always started on the premise of wanting to do things differently, for the better, and to do this with sincerity and passion," says Eric Chan, E&O deputy managing director. "Our approach to lifestyle property development speaks of our overarching aim of catering to people's lifestyle aspirations. We realise that needs can be the same but aspirations are unique."
E&O set the trend for large and expansive condominiums in Kuala Lumpur with the launch of Dua Residency in 2004. One of the lowest-density, high-rise developments in Kuala Lumpur, the project delivered 288 units with generous floor spaces ranging from 186 square metres up to 557 square metres.
A whole new lifestyle of refined living by the sea began in Penang with E&O's maiden launch of courtyard terraces in 2005 at Seri Tanjung Pinang, a landmark development that has become an aspirational address. Inspired by world-class waterfront communities such as Australia's Sovereign Islands and Sentosa Cove in Singapore, Seri Tanjung Pinang is Penang's first and largest master-planned seafront development.
The company was again ahead of the curve in 2009 when it launched St Mary Residences in the heart of the Kuala Lumpur central business district, taking a leap when the market remained cautious after barely recovering from the downturn.
St Mary's distinction was in its compact, practical-sized units, similar to Manhattan's loft apartments, which came complete with E&O's five-star concierge services and a green urban sanctuary measuring almost 0.5 hectares.
"To be able to do this, we had to have the acumen to read the market and more than that, we had to have the sincere passion to want to deliver something different, of real value to our clientele, each time," Chan says.
World-class waterfront community
Seri Tanjung Pinang hosts more than 20 nationalities. Its maiden courtyard homes are complemented by other elegant homes such as semi-detached homes, bungalows, villas, serviced suites and condominiums that combine into a cosmopolitan community.
The creme de la creme of Seri Tanjung Pinang is the fully completed and sold Martinique Villas By-The-Sea, E&O's collaboration project with CIMB-Mapletree Management and Al Salam Bank-Bahrain. These Caribbean plantation manor-inspired sea-fronting residences are spread across six hectares, offering spectacular views of the Strait of Malacca.
Touted to be the finest on Penang Island, E&O's Quayside Seafront Resort Condominiums is the latest gem in Seri Tanjung Pinang. Sited on 8.5 hectares of the most prime section of the master-planned development, Quayside accentuates family fun with an impressive water park for residents' exclusive use - at more than one hectare, the first of its kind in Malaysia.
Following the success of Quayside, E&O will be launching the Andaman Edition 18 East sea-fronting condominiums. The project draws its name from the geographical co-ordinates that place it at the heart of Seri Tanjung Pinang.
Andaman Edition 18 East, with its outstanding location and world-class suite of facilities, is an extraordinary development that will be a challenge to replicate. Every detail - from its concept, location and furnishings right down to a purchaser's return on investment - exudes exclusivity at its best. On a land-scarce island such as Penang, this exclusive abode provides residents a sweeping vista of the Andaman Sea, the Penang city skyline, surrounding hills and the recreation park. It has a good price appreciation potential in view of the completed world-class facilities being sited on prime land.
As an exception to the norm, potential buyers of Andaman Edition 18 East will have the opportunity to view and assess the development's fully completed common facilities and recreation areas, which include an outstanding 1,300-square-metre two-storey clubhouse and 1.4km of jogging and cycling tracks within a 2.8-hectare park area. The completed facilities and built common areas showcase the robust product standards and quality that potential buyers of Andaman Edition 18 East stand to own.
E&O has infused a host of lifestyle elements to bring to life the concept of living by the sea at Seri Tanjung Pinang. Right next to Andaman Edition 18 East is the Straits Quay festive retail enclave that offers Seri Tanjung Pinang residents easy access to the cafes, marketplace, pleasure marina and waterfront marina. The 2,787-square-metre Performing Arts Centre of Penang, a collaboration between E&O and Malaysia's leading performing arts group The Actors Studio, aims to enrich the lives of Penangites by making the arts more accessible.
The company has opened a one-hectare public park, Straits Green, in the waterfront community. Hailed by Lim Guan Eng, chief minister of Penang, for enhancing Penang's liveability factor, Straits Green is directly connected to another public recreational area, the Straits Quay promenade. Equipped with a water play area and children's playground, gazebos and running trails, the public park hosts dancercise sessions, traditional games, community composting and gardening activities.
With the launch of the Lady Martina private water limousine service in August last year, E&O has also revitalised seaborne transport around Penang Island, which has deep roots as a gateway port. Lady Martina connects the Straits Quay Retail Marina and the legendary E&O Hotel via a 20-minute leisurely cruise.
"Every aspect of Seri Tanjung Pinang celebrates the best facets of living by the sea," Chan says. "It is a showpiece for how E&O translates concepts into reality."
Firm partnership with titans
E&O's demonstrated success in the premium property space has led to strategic alliances with titans such as Sime Darby, Khazanah Nasional, Temasek Holdings and Mitsui Fudosan, Japan's largest property company. The company develops projects with these partners based on shared objectives and complementary capabilities. Such strategic partnerships enable E&O to leapfrog and grow at a much faster pace.
"Property development is E&O's core business driver," Chan says. "The next few years will see us focusing on our key growth engines in Kuala Lumpur, Penang, Johor and our maiden international foray, London."
Mitsui Fudosan Residential and E&O are jointly developing The Mews serviced residences, the next aspirational address in Kuala Lumpur due to its proximity to the Petronas Twin Towers. Launched in January this year, The Mews will have 256 custom-designed units spread across two 38-storey towers. Given the fusion of Japanese and Malaysian influences in the project, new design and project execution benchmarks are expected upon its completion by 2017.
E&O has signed a memorandum of agreement with Sime Darby to purchase about 54 hectares of land in Elmina West, sited within the comprehensive City of Elmina wellness township that is being positioned as the capital region's next growth catalyst. This land offers E&O ample opportunity to deliver an extraordinary wellness product that matches the lifestyle aspirations of an increasingly discerning market.
The focus is also on wellness at Avira, E&O's growth engine in Johor. A joint venture with Khazanah Nasional and Temasek Holdings, Avira is a wellness sanctuary within Iskandar Malaysia that showcases purpose-built wellness facilities spanning five hectares of the 84-hectare development.
In Penang, E&O's next major catalyst is the 308-hectare second phase of its flagship Seri Tanjung Pinang development. A detailed environmental impact assessment is underway for this expansion project.
E&O's entry into the international market entails the redevelopment of London's Princes House into E&O branded serviced apartments.
A prime commercial property built in the 1920s, Princes House is close to Covent Garden, the Royal Opera House and many of the West End's most famous theatres and hotels such as The Savoy. Its proximity to the University of London, London School of Economics and Inns of Court boosts the property's sale and rental prospects.
"Demand for prime urban locations will always remain for those who can afford the exclusivity of such addresses and those who aspire to do so," Chan says. "Such properties have come to be viewed as the prized 'family inheritance' within investment portfolios as they have proven to hold their own even during tough times."
With its four key growth engines on track, E&O is well on its way to long-term sustainability as a premier lifestyle property developer with a strong local and global presence.
It welcomes opportunities to collaborate with partners who are titans in their own right and whose values are aligned with E&O's strategic direction and brand philosophy.
Eastern & Oriental
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