A rising number of Singaporean and Singapore-based investors are investing in Malaysian developer Eastern & Oriental Berhad’s (E&O) projects in Penang, according to The Business Times.
E&O, which set up an office in Singapore two years ago, noted that Singaporeans account for the bulk of its foreign buyers.
“They make up the largest number of foreign buyers which comprise about 30 percent for the Quayside and Andaman at Quayside (pictured),” said Eric Chan, Deputy Managing Director at E&O. Although 70 percent of apartment buyers are still Malaysians, foreign interest is notably increasing.
“They are coming in. We’ve attracted buyers from 13 nationalities now, like Bruneians. Penang is getting quite popular among foreign investors,” added Chan.
Launched a few weeks ago, Andaman at Quayside is offering potential buyers the first of three blocks, with 75 percent of its suites facing the sea.
“Response to the first tower with 169 units have been extremely positive, reaching close to 50 percent take-up; with bookings still coming in,” said Chan.
Meanwhile, Quayside, which has 698 units spread across four towers, is nearly 85 percent sold since its launch last year.
“To have 21 acres of land to develop on Penang island is a luxury because it’s very expensive for a developer to have that kind of land bank,” said Chan, noting that land prices in Penang showed a sharp increase over the last three years.
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