BUILDING seven towers with a total of 1,246 units of condominiums on a single site near the sea is tough and tougher is to sell the units, priced more than RM765,000 to a few million ringgit, amid weak market conditions.
But if the project in reference is Quayside SeafrontResortCondominium, then the developer, Eastern & Oriental (E&O) Bhd couldhave had the last laugh to the bank.
Quayside is located on 8.51ha of prime seafront land within the Seri Tanjung Pinang development. It was launched by E&O in three phases — Quayside, Andaman Series and 18 East at Andaman — from 2010.
Mitsui Fudoson Co Ltd, Japan’s largest property developer, through its unit, Mitsui Real Estate Sales Co Ltd, had marketed the properties to their high-net-worth clientele in Japan.
The properties had garnered interest not only from the Japanese, but also Europeans, investors from Asia Pacific, including Malaysians.
They bought the units for a few reasons like the development being sea-fronting and on par with the world’s elite waterfront communities like Australia’s Sovereign Islands and Sentosa Cove in Singapore.
Up to 60 per cent of the units are seafacing,
offering a 270-degree view of the Andaman Sea, Gurney Drive and the Batu Ferringhi beaches, while the rest have hill and garden views.
The first launch (Quayside) in 2010 offered seven design types and sizes, with prices starting from RM765,000 foraone-bedroom (1,137 sqft) to the RM4.3million penthouse unit (7,159 sq ft).
The Andaman Series were priced from RM1.1 million to RM3.023 million.
18 East at Andaman, the final tower of the Andaman series offers only 210 units in total, with sizes ranging from 877 to 2,824 sq ft, priced from RM1,000 psf onwards.
E&O group marketing and sales senior general manager Wayne Wong said there were limited seaview units available at 18 East at Andaman.
“The whole development is conceptualised to celebrate the best facets of island living in Penang, providing residents a holistic, seafront lifestyle,” she said in a statement recently.
Quayside recently won Malaysia’s Best Managed Property Awards 2018 at a real estate event, underscoring E&O’s commitment in developing superlative houses for the discerning.
Honoured under the award’s Below 10 Years Multi-Own Strata Residential category, it was recognised as the top development in Malaysia that is managed with excellence.
Wong said residents of Quayside had the luxury of enjoying a resort-styled living with its array of world-class facilities.
The facilities include an expansive 1.82ha private waterpark and over 2.03ha of lushly landscaped recreational space, on par with the best five-star hotel resorts worldwide.
Wong said when inspecting the property, the first thing that usually captivated potential buyers and tenants were the spectacular waterpark.
“As they walk the grounds and common areas, they get a further appreciation of how Quayside is taken care of and kept running like a five-star resort hotel. Importantly, they have a sense of the highly—liveable and conducive living environment that they stand to enjoy at Quayside,” she said.