On August 29, conglomerate Sime Darby Bhd said it was buying 30 per cent of Eastern & Oriental Bhd (E&O) for RM766 million to expand its portfolio in property development and hospitality, beyond Greater Kuala Lumpur. Having a stake in E&O will immediately give Sime Darby access to present and future property projects in Penang. Analysts have also said that it is cheaper to gain control of a listed company with landbank in Penang than buy large chunks of land in the island.
Three Klang-Valley based developers have already ventured into Penang and launched several properties. IJM Land Bhd has launched it RM422 million The Light Collection I & II while SP Setia Bhd has introduced its RM60 million Brooks Residences, RM230 million Reflections condominium and semi-detached schemes for its Setia Pearl Island project. Mah Sing has launched its the first phase of its Legenda@Southbay, for RM71 million.
By Business Times
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