New Bob to launch RM197m projects in Penang this year

Business Times (Nation), Tuesday, March 18th 2014

KUALA LUMPUR: Boutique property developer New Bob Group will launch four projects worth a combined RM197 million in Penang this year, as it remains upbeat on the outlook for the property sector.

The projects are located in Biggs Road in George Town and Seberang Prai.

In Biggs Road, the company will be launching six three-storey luxury bungalows worth RM42 million, while in George Town, it will launch 17 units of gated and guarded villa valued at RM60 million.

In Seberang Prai, the company will be launching 236 units of housing and commercial properties worth RM95 million.

The low-profile group is also planning to build a “flashpacker concept” hotel, which is a small-scale hotel, in the middle of this year.

According to director Dr. Lee Ville, the concept is a blend between backpacker and budget to cater to upmarket backpackers.

“We believe a hotel of this concept is highly potential to attract foreigners and local tourists now that Penang is awarded the heritage site,” he said.

Moreover, there are a limited number of such hotel on Penang Island, he said.

Lee added the hotel will offer customers a cleaner, more trendy environment and affordable rooms with prices start from RM50.

Meanwhile, on the company’s latest project, Tropic Suites in Pulau Tikus, Lee said it is slated for completion this December.

The fully-furnished commercial suite is the remodelling and refurnishing of the company’s existing building, the NB Place, which will offer 88 commercial units worth RM44 million.

“Out of the 88 units, we are retaining 48 units for rent, while the remaining 40 units are for sale.”

The 40 units have built-up areas of 500 sq ft to 800 sq ft.

Prices from RM500,000 each, eight units have been sold since the project was launched in December.

Tropic Suites has the perfect location, nestled in the renowned business hub along Jalan Gottlieb on Penang Island. It is in close proximity to Penang City Center, hospitals, schools, parks and popular eateries.

 

 

Business Times (NST) 8th March 2014