E&O pitches its Andaman Island as site of RM10 bil Penang International Financial Centre

• E&O managing director Kok Tuck Cheong is confident the contiguous layout of the island being reclaimed by E&O as well as its amenities and capacity would give it an edge over other sites.

KUALA LUMPUR (Aug 26): Eastern & Oriental Bhd (KL:E&O) is pitching its Andaman Island as the site of the proposed RM10 billion Penang International Financial Centre.

The proposal has been submitted to state authorities, E&O managing director Kok Tuck Cheong (pictured) said at a post-results briefing on Tuesday. He is confident the contiguous layout of the island being reclaimed by E&O as well as its amenities and capacity would give it an edge over other sites.

The project award could come this year though E&O would still have to work out the details with the Ministry of Finance and the Securities Commission, Kok noted. If awarded, the project will “give the island international recognition”, he said.

E&O is one of the companies that have submitted proposals for the project that will span about 100 acres following an expression of interest undertaken by the Penang Institute in March, according to The Edge Malaysia weekly report on July 14-20, 2025.

Gurney Bay, Jelutong, Pulau Jerejak and Penang South Island are a few locations on the island that the bidders have proposed for the project, according to the report. Other proposed sites include North Butterworth and Batu Kawan on the mainland of Penang.

“It will attract a lot more activities and have multiplier effects”, and provide a sustainable flow of foreign investors, venture capital and private equity funds into the island, Kok said.

The winning bidder will be tasked with developing a state-of-the-art financial hub to complement Penang’s growing role in the semiconductor and technology sectors, in line with the New Industrial Master Plan 2030 and the National Semiconductor Strategy.

As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.