GEORGE TOWN: Malaysian property developer, Eastern & Oriental Bhd (E&O) has unveiled its masterplan for its Andaman Island development project, with a gross development value (GDV) of RM60 billion.
Under the masterplan, the Andaman Island project, spanning 307.56-hectares, will feature a mixed-use development, including luxury condominiums, shopping malls, office buildings, hotels, and community parks.
E&O Group managing director Kok Tuck Cheong said the island is strategically positioned to meet the demand for luxury properties, offering premium residential spaces within a holistic and balanced urban environment in terms of sustainability, accessibility and quality of life.
The man-made island, situated along the Gurney Drive and Tanjung Tokong coastline, is being developed in two phases.
The land reclamation works for the first phase, covering 102.38 hectares, was completed in December 2019.
"Phase one features developments with elements such as commercial hubs, community-oriented facilities, and canals.
"Meanwhile, the reclamation work for phase two of the project, spanning 205.17 hectares, is still ongoing," Kok said during a press briefing yesterday.
The land reclamation phase is expected to be completed by 2028, while the entire masterplan is projected to take approximately 30 years to be fully materialised.
E&O Bhd's Corporate Investment and Planning senior general manager Yeonzon Yeow said two bridges will connect the island, namely a 600-metre Andaman Bridge to Seri Tanjung Pinang and the 1.2-kilometre Gurney Bridge to Gurney Drive.
Envisioned as a "15-minutes city," Yeow said that the concept ensures that residents would have easy access to shopping areas, dining options, healthcare, and recreational facilities via pedestrian and cycling pathways.
"This promotes a lifestyle which emphasises balance, connectivity, and comfort," he added.
Meanwhile, Yeow noted that property sales on the island have been highly encouraging, adding that high-rise projects such as The Meg and Arica, as well as Fera and Senna phases one and two, have all sold out.
Thus far, the projects launched on the island have a combined GDV of RM1.35 billion, and E&O is set to launch two seafront condominium projects and a new phase of luxury developments next year.