Bolton eyes bigger Penang land bank

High-End Residence: Azman taking a closer look at the model of the Surin Condominium project

PROPERTY developer Bolton Bhd expects to spend RM200 million to increase the size of its land bank on Penang Island, giving a boost to its newly-launched maiden project, featuring a RM130 million condominium development, in the island-state.

Bolton said it is satisfied with its initial investment in Penang and is on the lookout for additional land bank for acquisition as well as opportunities to jointly develop with landowners to bring Bolton's brand and property products to the state.

"We are currently evaluating acquisition opportunities in Penang and have seen three or four proposals," its executive chairman Datuk Azman Yahaya told reporters at the launch of the "Surin" luxury condominium project in Tanjung Bungah yesterday.

"We feel Penang would be ideally suited to serve as a hub for our planned growth in the northern region, thus our commitment of another RM200 million investment," he added.

Azman said with the RM200 million, Bolton is looking at developing residential properties with a gross development value ranging between RM600 million and RM800 million.

He said the projects in Penang will comprise high-end landed properties in gated communities as well as high-rise developments.

"We hope to complete our acquisition during this financial year," he said, adding that one of the parcels of land being eyed is in George Town.

Azman also said that Bolton has no intention of slowing down, rather "in higher-end developments where margins are high, we will be able to absorb the increase in building materials cost".

With a development value of RM200 million, the Surin project sits on 1.4ha of land and offers 390 luxury condominium units tagged from RM364,988 to RM1.2 million per unit.

The project is scheduled for completion by 2011.

Bolton's executive director Chan Wong Kwong said 65 per cent of the 198 units in the first tower have been sold prior to the official launch.

"About 30 per cent of these buyers are foreigners from Hong Kong and Singapore," Chan said.

By New Straits Times (by Marina Emmanuel)