The Edge – Dr. Lee Ville (REHDA Youth)

The Edge, Business, March 16th 2015

Dr Lee Ville

COMMITTEE MEMBER OF REHDA YOUTH (HEAD OF PENANG) AND DIRECTOR OF NEW BOB GROUP

When it comes to real estate, New Bob Group is a well-known name in Penang. The company began as a real estate agency in 1959. In the late 1980s, it started venturing into property development. Founded by Dr Lee Ville’s uncle (by marriage), Bob, who passed away in 1975, the company was brought over by Lee’s father from his sister in 1977.

How much will the projects launched this year be worth and where will they be?

There will be RM248 million worth of projects launched this year. They are located in Gotllieb Road, Solok York, Seberang Jaya and Biggs Road, Pulau Tikus.

What are some of the projects that will be featured in the Mapex Property Showcase?

Unfortunately, we will not be featuring any of our projects in Mapex this year. The reason for this is from our past experience. It seems that our products, which are more suitable for long term investments, do not appeal to the local market.

What were you doing during the last economic downturn? How old were you then? What do you remember most about it?

During the last downturn, I was completing my A levels here in Kuala Lumpur. I was 18 then. I was preparing to finish my A levels and then leave to pursue medicine in Dublin, Ireland. I remember going to Burger King in Dublin and being able to afford only the two dollar meal which came to about RM12.

On one occasion when I came back to visit, I recall visiting my father’s construction site and seeing how hard everyone was working to complete a project. They were working day and night.

I have always wanted to be a doctor but after returning here, I realised I did not want that kind of life. I wanted to be able to have time for my family and have a balanced life, which is quite hard if you are a doctor. That’s when I decided to pursue business, which I also had an interest  in. There’s new challenge in business every day. It’s never the same. So I thought, why not? I’ll give myself a year and if it doesn’t work out, I could always go back. Back then, doctors were in demand so a position was always available. Now it’s different. There are too many doctors.

How did your family handle the last downturn?

My family has always been conservative in our investments, always low-geared. We diligently made our payments to the banks, so they in return helped us. We managed to complete our projects in time and pay the banks in time too.

How will you overcome the challenging period ahead?

We are concerned but not too concerned. This time around, we will be focusing on the affordable range of housing, which is severely needed in Penang and everywhere else too. I believe other developers will also be looking into this.

Do you handle challenges the same way as your parents or differently?

Well, during my father’s time, he focused on commercial products and factories. He liked that range of products. We focus more on residential properties now. It’s a different time, so our approach is also different. People are always in need of a home and residential products are always in demand.

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