Malaysian property developer Eastern & Oriental (E&O), through its subsidiary Tanjung Pinang Development (TPD), has signed a Letter of Award (LOA) with China Communications Construction Company (CCCC) for a major land reclamation project in Penang.
CCCC(M), a wholly-owned Malaysian subsidiary of CCCC, has been hired to undertake the reclamation of the Seri Tanjung Pinang Phase 2 (STP2), a high-end residential development project. Under the deal, worth approximately $534 million, the company will dredge and reclaim around 891 acres of land for the STP2.
Construction works on the project are expected to begin “by the year-end”, said E&O in the release.
According to E&O group managing director, Dato’ Seri Terry Tham Ka Hon, in order to select the reclamation contractor a rigorous tender process was undertaken. “We believe that in terms of technical competency, track record, local project experience as well as contract competitiveness, the shortlist of reputable international firms has led us to finalize the award to CCCC(M).”
This is not the first job for CCCC in Malaysia, the infrastructure giant successfully completed design and construction of the 24-kilometer Sultan Abdul Halim Muadzam Shah Bridge (Penang Second Bridge).