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Thursday, July 3, 2008

Bolton to invest RM200m more in Penang property

BOLTON Bhd will invest another RM200 million in property development in Penang, following a successful pioneering effort with Surin, a 28-storey freehold luxury condominium project.

Bolton’s executive chairman Datuk Azman Yahya said there were three to four proposals for residential projects being contemplated in the central Georgetown area of Penang.

“We will focus on residential projects, both high-rise and landed properties,” Azman told reporters after launching the RM130 million twin-tower Surin venture in Penang today.

Azman said the main reason for Bolton to invest in Penang was that property value has remained stable despite increases in fuel prices and the uncertain economic scenario in Malaysia.

“About 65 per cent of the 198 units in the first block of Surin were snapped up at the launch. Thirty per cent of the buyers were from Hong Kong and Singapore. This is an indication of how warmly, development projects such as Surin, are received in Penang

“I believe Penang will be a good hub for Bolton’s planned growth in the northern region and thus the commitment of another RM200 million in investment,” Azman added.

As a luxury condominium project, Surin is located amid the hills and the sea in Tanjong Bungah. The units in Surin range from 1,307sq ft to 2,827sq ft in size and are priced between RM364,988 and RM1.2 million each.

By Bernama

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