Malaysian developer Eastern & Oriental Berhad (E&O) is launching its first executive apartments in Penang to Singaporean buyers this month.
Dubbed The Tamarind, the 1,104-unit high-rise project sits on seven acres of freehold land within E&O’s flagship master-planned seafront development, Seri Tanjung Pinang.
Facilities include a private beach and free-form swimming and wading pools.
With a typical unit size of three bedrooms and two bathrooms measuring from 1,047 sq ft, the project is priced at an average of RM725 psf (S$248).
Christina Lau, Head of E&O Property Sales and Marketing for Penang, said: “Properties in Malaysia remain a viable investment option for Singaporeans as they are still relatively affordable in terms of property prices and cost of living. At the present currency levels, international investors would enjoy low entry costs and the potential to gain from any future strengthening of Asian currencies.
“Moreover, banks in Malaysia are open to lending to foreigners and if conditions are met, margins of financing can range from 60 percent to 70 percent.”
Lau added that the development is a short drive from George Town, Penang’s capital and a UNESCO World Heritage Site, as well as the famed beaches of Batu Ferringhi.
Prospective buyers can register their interest for The Tamarind at the E&O Gallery at 1 Raffles Link.
Image: Artist’s impression of The Tamarind Executive Apartments at Seri Tanjung Pinang, Penang.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
