Malaysia: E&O is set to launch a second Arica serviced apartment building in Penang’s Andaman Island.
Eastern and Oriental Bhd (E&O) plans to launch the second project on the company’s 760-acre Andaman Island master plan in Penang. This comes after the success of the first residential launch in Penang called The Meg.
Arica is a 380-unit freehold serviced apartment development, offering unit built-ups ranging from 947 sq ft to 1,259 square feet and priced from RM800,000. The project has a gross development value of RM400 million and is slated for completion in 2027. E&O is looking to officially launch the project by the end of the first quarter this year.
Emily Teh, E&O group director of projects and property investments, said in a press statement on Friday: “Arica is not only strategically located within the exciting commercial precinct of Gurney Green, it is actually sited right next door to The Meg. With aesthetically aligned architectural language between The Meg and Arica, the two developments complement each other in more ways than one; the most meaningful being the retail conveniences of Temu at The Meg, being able to serve the needs of Arica residents as well.”
Eastern & Oriental Berhad (E&O) is a lifestyle property developer listed on Bursa, Malaysia.
