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Friday, July 4, 2008

Bolton eyes more land in Penang

GEORGE TOWN: Bolton Bhd plans to spend RM200mil to acquire by March suitable sites in the north-east of Penang island for new residential projects, said executive chairman Datuk Azman Yahya.

Datuk Azman Yahya with a model of the Surin condominium

“We plan to launch high-end residential properties with gross development value (GDV) of between RM600mil and RM800mil.

“The properties will comprise high-rise condominiums and landed residential homes,” he said after launching the company’s RM200mil Surin condominium project in Tanjung Bungah.

“In view of soaring energy and building material prices, Bolton will price its future properties 20% to 30% higher,” he added.

Construction work on the condo project is expected to start this month and scheduled for completion in three years.

Azman said about 65% of the 198 units in the first tower were sold during the soft launch.

Another 192 units in the second tower will open for sale tomorrow, he said.

“The key features of Surin include 850 parking bays in a multi-storey car park.

“Other facilities are a gymnasium, four high-speed lifts and closed-circuit television connected to the guard post,” he added.

The units have built-up areas of between 1,307 and 2,827 sq ft and are priced from RM364,988 to RM1.2mil.

“The units have higher floor-to-ceiling height and bigger balcony space,” Azman said.

He said Bolton was lining up a new range of residential properties with an estimated GDV of RM1.5bil.

These projects will be launched in the next 12 months.

The bulk of them were in the Klang Valley, including the RM1bil Mayang scheme, Tijani 2 North, Condo 3, Bolton Court and The Piazza in Puchong, Azman added.

By The Star (by David Tan)

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