Apr 15, 2014 - PropertyGuru.com.my
Phase 2 of Eastern and Oriental Bhd’s Seri Tanjung Pinang
(STP) project in Penang has passed another hurdle after it secured a
conditional approval letter from the Ministry of Natural Resources &
Environment.According to E&O, its unit Tanjung Pinang Development Sdn Bhd (TPD) has obtained the conditional approval letter last Friday from the Department of Environment based on the conceptual masterplan submitted, as well as the detailed environment impact assessment (DEIA) study.
However, the DEIA conditional approval is only good for two years. Apart from dredging activities at the “flushing channel”, it is only applicable to the planned reclamation of a 131acre foreshore in Gurney Drive and 760 acres of man-made islands.
In addition, all construction works in Phase 2 must conform with all work-related requirements, specifications as well as relevant laws and regulations.
With the DOE’s approval, the next step for E&O is to gain Penang’s nod before it can proceed with Phase 2. But the developer is expected to pass this hurdle with ease given that 21.2 percent of STP2 is owned by the state government, while the rest is owned by E&O.
“The approval from the Federal DOE is a very significant one. E&O may soon proceed to call for tender proposals for the reclamation of STP once it receives formal approvals from the Penang Government. Formal submission to the state government will soon be in motion,” commented AmResearch.
“We expect STP2 to usher in a new era of exponential growth trajectory for E&O. STP2, with its high development potential and lucrative profit margin, is the primary valuation driver.”
Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my
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