The Lume @ Andaman Island, Penang by E&O

Eastern & Oriental Bhd is bullish on the Penang market, where it is based, and anticipates better property sales in its current financial year ending March 31, 2025 (FY2025).

The group is targeting around RM1 billion sales in FY2025, on the back of new launches worth about RM1.3 billion in gross development value and existing property projects, according to managing director Kok Tuck Cheong. (pictured)

The group achieved RM870.6 million property sales in FY2024, up 28.5% from RM677.3 million in FY2023. So far, it has secured RM162.5 million property sales in the first quarter ended March 31, 2025 (1QFY2025).

Unbilled sales came in at RM1.35 billion — its highest on record — which the group will progressively recognise over FY2025 and FY2026.

“Property sector in Penang is going to enjoy phenomenal growth arising from the FDIs [foreign direct investment] that are being invested in the semiconductor, new offerings and projects, coupled with a strong improvement in tourism,” Kok said during the company’s quarterly result briefing here.

“These bode very well for wealth creation and combined with the fact that there will be population growth and urban migration, there will be a lot more what I call ‘spending power’ to invest in residential dwellings,” he added.

E&O’s quarterly revenue soared 93.9% to RM165.65 million in the first quarter ended June 30, 2024 (1QFY2025) from RM85.41 million in 1QFY2024, mainly due to recognition of sales from its projects located in the Andaman Island Phase 1, which comprises Senna, Fera, Arica and The Meg.

This led to a 13.86% increase in its 1QFY2025 net profit to RM37.52 million, from RM32.95 million in 1QFY2024. The property segment contributed 85% of its total revenue in 1QFY2025, with the remaining from its hospitality and investment, and other segments.

E&O senior general manager in the corporate investment and planning division Yeow Yeonzon said group earnings growth is actually stronger as 1QFY2024 recorded an unrealised foreign exchange gain of RM27.5 million.

Source: EdgeProp.my

This Mid-Autumn, let’s have a fun day out with your loved ones at Paramount Property Gallery!

Drop by and enjoy light refreshments, exciting activities and bring home sweet memories this 8 September – all while learning more about this project that might be the perfect home for you and your loved ones.

Mark your calendar!

Date: 8 Sept 2024 (Sunday)
Time: 10am – 5pm
Venue: Paramount Property Gallery @ Utropolis Batu Kawan

RSVP now via the link below:
https://forms.gle/fJ66PEwJaQotVsut9

Introducing 28 Lifestyle Hub: The Heart of Alma’s Vibrant Community

The proposed 28 Lifestyle Hub is set to become the newest centerpiece in the well-established neighborhood of Alma, Bukit Mertajam. Comprising 28 modern double-storey shop offices, it is strategically located next to the main entrance to the upmarket Jesselton Hills, a short walking distance for the residents. 28 Lifestyle Hub sits on an elevated ground and is visible and accessible from the main road added to its advantage serving residents from   Taman Impian Alma, Desa Palma, The Glades, Seri Impian, Taman Alma Ria, Alma Jaya, Taman Budiman, and more..

28 Lifestyle Hub is planned to be a community-centric commercial development that serves surrounding residents while gravitating people from beyond with its lush green, and serene environment. It’s poised to become a vibrant hub for thriving business such as cafes and delis, learning centers, home office, salons, healthcare and fitness facilities.

Project Name: 28 Lifestyle Hub
Location : Jesselton Hills, Bukit Mertajam
Property Type : Commercial Hub
Built-up Size: 2,860 sq.ft. onwards
Land Area: 1,540 sq.ft. onwards
Total Units: 28
Indicative Price: (to be confirmed)
Developer : WingTai Malaysia

DISCLAIMER: This article is solely based on research done using publicly available data. This is not an advertisement. Any claim, statistic, quote or other representation about a project or service should be verified with the developer, provider or party in question.

About Maldives Residences

A residential development by Ideal Property Group at Bayan Lepas. Strategically located along Jalan Sungai Tiram 6, just across the road from Havana Beach Residences. It is conveniently connected to Jalan Tun Dr Awang, less than 2km away from Penang International Airport. This development comprises 46-storey building with 4 residential towers. It features a mix of affordable and upgraded units, with a built-up size of 850sq.ft. onwards.

Find out more about Maldives Residences

The Penang Hill Corporation (PHC) is accelerating its efforts to complete the initial phase of hoarding works at the key sites involved in the highly anticipated Penang Hill Cable Car project. The hoarding works, which involve the Garden Station, Hill Station, Turn Station, and the proposed car park building, are essential in keeping the public informed about the project’s progress.

According to an interview with Buletin Mutiara, PHC General Manager Datuk Cheok Lay Leng stated that hoardings have already been installed at the Garden Station and Hill Station, with ongoing work at the Turn Station. Although the hoardings at the Garden Station are technically complete, PHC plans to enhance them with graphic displays that will showcase the project’s development and the final appearance once completed.

One significant delay is anticipated at the car park building site, due to ongoing efforts to relocate hawkers currently operating opposite the Penang Botanic Gardens Department. The multi-storey car park, proposed for this location, is a crucial part of the cable car project. Cheok explained that while hoardings at the back of the hawker centre, near the river, have been completed, work on the front part can only proceed once the hawkers have been moved to a temporary site nearby. PHC aims to relocate the hawkers by September 30, allowing them to resume operations by October 1. Once the car park is completed, the hawkers will return to their original location, which will be integrated into a complex offering leisure and dining options for visitors.

In addition to the hoarding works, PHC is planning significant construction activities, including the installation of pylons, cable car equipment, and a walkway connecting the multi-storey car park to the Garden Station. To ensure public awareness and transparency, PHC intends to provide regular updates on its social media platforms. Cheok emphasized the importance of clear communication, particularly with stakeholders such as residents living near the Botanic Gardens and Penang Hill, to address any potential disruptions like road diversions or construction methods.

The Penang Hill Cable Car project is a major initiative led by the state government through PHC. The project, which operates on a Design, Finance, Build, Operate, and Transfer (DFBOT) basis, has been awarded to Hartasuma, a pioneer in the Malaysian rail industry. Hartasuma, which has secured a 30-year concession for the cable car, has appointed Austria-based Doppelmayr Seilbahnen GmbH, a leader in the ropeway market, to supply the cable car system. Doppelmayr’s extensive experience includes over 15,400 ropeway installations worldwide, making it a trusted partner for this ambitious project.

The Penang Hill Cable Car project, with an investment of RM245 million, saw its groundbreaking ceremony on June 29, officiated by Prime Minister Datuk Seri Anwar Ibrahim. The project is expected to enhance Penang’s tourism offerings, with visitor turnout at Penang Hill already showing promising numbers. From July to August, the hill attracted an average of 4,000 visitors daily on weekdays, and nearly 7,000 on weekends. This balanced visitor turnout is a positive trend, reflecting the hill’s growing appeal as a tourist destination.

PHC is also committed to maintaining the funicular service on Penang Hill, with daily, weekly, and monthly maintenance routines in place. Swiss engineers visit twice a year to service the funicular coaches, ensuring that the system remains reliable and operational.

As PHC continues its work on the Penang Hill Cable Car project, the corporation remains focused on delivering a world-class attraction that will enhance the region’s appeal and provide visitors with an unforgettable experience.

*Image source: Buletin Mutiara