New Bob’s The Gates seals 60pc sales

KUALA LUMPUR: Property developer New Bob Group’s The Gates project on Penang island has achieved 60 per cent sales since it was launched in 2011.

The RM45 million development project at Batu Maung is being undertaken by NB Tropics Sdn Bhd, a subsidiary of the group.

The Gates is New Bob’s light industrial development comprising 19 units of light industrial factories, of which three are stand alone units and 16 are semi-detached units.

The project is strategically located next to the Penang Free Trade Zone and only five minutes away from the soon-to-be completed Penang Second Link.

Its director Dr Lee Ville said The Gates is built on a 0.77ha land and is slated for completion by the middle of next year.

He said the project comprises two phases, with nine units for the first and 10 for the second.

“Both phases are constructed simultaneously,” he said.

The units have built-up areas ranging from 2,641 sq ft to 4,281 sq ft. Each unit is designed with seamless space and multiple functions in mind.

Lee said the units are priced from RM1.93 million to RM3.5 million each.

“We expect about RM30 million in sales from The Gates this year.”

He said the bulk of the buyers are Malaysians.

Lee expects The Gates’ rental to be around RM6,000 per month, based on RM2 per sq ft.