STRATEGIC LOCATION: Company targets to complete River Tropics by mid-2018
The New Bob group of companies, which is involved in real estate, property development, car rental and hospitality, is targeting to complete its first “green” residential development, River Tropics in mainland Penang, by mid-2018.
Its director Dr. Lee Ville said the RM70 million Seberang Jaya project, which broke ground last year and is now 20 per cent completed, so far had a take-up rate of 65 per cent for the 148 condominium units.
“Our buyers are mainly locals and some of the selling points include its proximity to the Penang Bridge, Seberang Jaya Hospital, Tesco Extra and Sunway Carnival Mall, ” he told Business Times.
River Tropics is named after a river located near the condominium site, and Dr. Lee said the project is New Bob’s stepping stone in developing more affordable green homes for Penang buyers.
Its units at River Tropics are priced between RM450,000 and RM1 million each.
Believed to be the first “green” condominium development in Seberang Jaya. New Bob is focusing on energy green ratings and aiming at achieving a double gold certification from Singapore’s BCA Green Mark and Malaysia’s Real Estate Housing and Development Association GreenRE, or Green Real Estate, which is a green building and carbon rating tool.
The BCA Green Mark is a green building rating system to evaluate a building for its environmental impact and performance.
Dr. Lee said River Tropics units are designed to enable ample natural lighting and ventilation, believed to be elements which are yet to be incorporated in any condominium development in Seberang Jaya.
“One of the selling points,” he noted, “was its strategic location facing the main river, thus paving the way for ample natural breeze into the condominium units.”
At 18 storeys high, the condominium block comprises 140 standard units and eight duplex units with built-ups ranging from 1,330 sq ft and 4,113 sq ft.
New Bob’s other developments include commercial projects, luxury bungalows and high-end condominiums on Penang island and Seberang Perai.
Its first venture in the hospitality industry is the Tido Hostel, here, which caters to budget travellers and backpackers.
Dr. Lee said on the drawing board are gated and guarded cluster villas and bungalows, respectively, at two separate locations on the island that will carry a total tentative gross development value in excess of RM100 million.