New Bob Goes Green

Focus Malaysia, Asset, November 22nd-28th issue, Page 40.

New Bob goes green

GEORGE TOWN: New Bob Group, one of the oldest property players in Penang, plans to become the first developer in the state to offer a fully green integrated project for luxurious living.

Its flagship eco-friendly project is The Manor, which has a gross development value (GDV) of some RM15 mil and consists of only three units of three-storey bungalow.

Each unit is priced at about RM5.5 mil. So far, one unit, located at Codring­ton Avenue in Pulau Tikus, has been snapped up by a local buyer.

The uniqueness of the project is the devotion to greenery, says the group’s director Dr Lee Ville.

Hailing from a family which has helped prosper New Bob, the 36-year-old Lee, who is a medical doctor by training, has found his true calling in the real estate world.

Elaborating on sustainable develop­ment, Lee points out that The Manor has won green certification from two coun­tries. It is the first project to win the local greenRE platinum award from GreenRE.

The project also recently won the BCA Green Mark Gold Plus Award from Singa­pore’s Ministry of National Development.

GreenRe is a local Malaysian standard for the green building code while BCA is Singapore’s version, which is said to be of a higher standard.

The bungalows incorporate eco-friendly features such as special window openings to showcase the sun’s rays, recycled wood and organic paint. There are also solar heating panels and facilities for rainwater harvesting.

New Bob also has devices to monitor the performance of the air-conditioners, washing machines, refrigerators and other appliances used in the bungalows.

The story of New Bob is typical of Penang, where the importance of the family institution, innovation and ingenuity helped make the company a premier brand in property development.

Lee’s grand uncle founded the com­pany in 1959 and his initial clientele were personnel from the Royal Australian Air Force and British Royal Air Force.

“They called my (grand) uncle Bob, and the name stuck with him,” he says.

The company was then taken over by Lee’s aunt, who thought of disposing of it as selling property was not her thing. However, Lee’s father persuaded her to sell the company to him and renamed it New Bob in 1973.

And the rest, as they say, is history.

Lee has three other projects besides The Manor. One of them is the River Tropics, a venture into affordable hous­ing that offers 148 condo units priced at RM400,000 to RM500,000. The project in Seberang Jaya has a GDV of RM70 mil, Lee says.

New Bob’s development arm, NB Tropics, spearheads most of the devel­opment projects.

Lee does not expect a slowdown in Penang’s property market despite the regulatory measures, including the Goods and Services Tax, to curb specu­lative buying interest.

“Demand is still here in Penang although we understand that about 50% of potential buyers had their loan applications rejected. The market forces continue to correct itself,” he says.

Another point worth noting is many of the buyers come from outside of the state, or are Penangites working overseas, but yearning to return home to retire.

Lee believes developers have no choice but to venture out of the island and into mainland Penang. Only about 10% of land on the island is left for development.

He adds: “We have no choice but to move over to the mainland. Over time, with sound connectivity infrastructure, we will see a more refined growth on either side of the Penang Channel.”

Using the Second Penang Bridge, Lee says it takes only 25 minutes to reach Seberang Prai from his office in Gottlieb Road.

New Bob is also actively looking for joint-venture prospects in Seberang Prai and Kedah. Plans are afoot for the group to venture into the hospitality sector, with the construction of a hotel in Jalan Argyll. The hotel’s concept will be a blend of backpacker and budget.Lee says the property market in Penang continues to grow in the inter­mediate term, but like any company, New Bob must be prepared for “rainy days” too.

Its subsidiaries are New Bob Realty, NB Tropics, New Bob Rent-A-Car, and Era Malaysia. It is also an MM2H (Malay­sia My Second Home) operator.

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