Individual boat owners in Penang will be set to gain a new marine playground with E&O Property Development Bhd’s Seri Tanjung Pinang in several years.

The project spans over 392ha and will feature two phases. The projects first phase, which include the construction of the first marina, a block of serviced apartments and retail lots have already begun in Tanjong Tokong.

Seri Tanjung Pinang’s first phase will comprise 96ha of landscaped parks, boulevards and seafront esplanades set amidst a guarded community of high-end and affordable housing.

While its second phase will be made up of 296ha and boast a cluster of islands emerging offshore, linked by a series of bridges to phase 1.

E&O Property Development project director (planning and business development) Mohd Razeek Hussain said, "We want to enhance the property value of our project by adding more marinas to the second phase while getting the yachting community on Penang island and overseas to use the facilities.”

He said the first marina that will front the apartments and retail lots are meant for the use of Seri Tanjung Pinang’s residents and the locals and will be maintained by E&O Property Development.

"The first marina is slated for completion by 2010," he added, "and we have not decided yet on the number of marinas which will dot the second phase of our project."

Mohd Razeek said the The Suites At Waterside project adjoining the marina is to be launched next month. It will comprise 160 serviced apartments which are priced from RM420,000 to RM1.8 million.

"Two floors of this block, totalling 250,000 sq feet, have been earmarked for retail use," he added, saying that E&O Property Development will rent the lots out in a bid to ensure a good mix of tenants.

"With the marina as its focal point, this project is set to be a hive of activity and colour reminiscent of waterfront tourist attractions in Australia, the Mediterranean and the US," he added.