E&O constructing first bridge to STP2
Property developer Eastern & Oriental Berhad (E&O) is currently constructing the first linked bridge from Seri Tanjung Pinang Phase 1 (STP1) to Seri Tanjung Pinang Phase 2A (STP2A).
Spanning about 400m in length, the bridge will also provide up to five metres of designated pedestrian walkway and bicycle lanes on both sides.
Construction of the first STP2 bridge began in June 2018. With piling works currently ongoing, it is targeted for completion by the first quarter of 2021.
When completed, the bridge will accommodate four traffic lanes of two-way traffic, connecting the road adjacent to Straits Quay in STP1 to STP2A.
Envisioned as a foremost residential, commercial and tourist destination, STP2A is expected to have a GDV of more than RM17 billion and will be developed over 15 years.
With the success of STP1 and reclamation works for STP2A reaching completion, E&O is now laying the foundation for the first vital infrastructure for STP2A, said the developer in a statement today.
“Our vision for STP2 as a vibrant and sustainable district prompts E&O to be mindful of the importance of public accessibility, such as dedicated walkways and bicycle lanes, reinforcing the Penang state government’s Vision 2030 initiatives,” said E&O managing director Kok Tuck Cheong.
The group had recently announced that Tan Sri Wan Azmi Wan Hamzah had taken up a 9.09% stake in the company via a private placement of new shares for RM127.6 million, reinforcing his confidence in E&O’s track record for STP1 and vision for STP2.
With the completion of the private placement exercise, the group will be focusing on the next phase of its fund-raising exercise and is looking at raising a minimum of RM123 million under the proposed rights issue.
“With STP2A’s progress on track, we are gearing ourselves for our next growth trajectory, for which we must have the foresight to lay down a sustainable funding strategy. As such, we have put in place a fundraising plan to bring the STP2 concept to reality,” said Kok.
Source from: The Edge Prop