KUALA LUMPUR: Bolton Bhd is venturing into a high-rise residential property project in Tanjung Bungah, Penang.
This is following the acquisition of North Borneo Cigars Sdn Bhd (NBC) and its 3.41 acres freehold land for RM25mil, said chief operating officer Chan Wing Kwong.
Chan said NBC, through unit GLM Property Development Sdn Bhd, received the development order approval for a condominium project on the land, which was located within the tourism belt of Penang island.
The project comprises two blocks of 28 storeys – each will have 396 condo units.
It was projected to have gross development value of RM150mil, Chan said in a statement.
He expects the project to be fully completed in three years.
The development, projected to commence in the fourth quarter, is expected to contribute a profit of RM26mil to the company.
Chan said the project reflected Bolton’s greater involvement in property development in the northern states, as the company had also acquired Kejora Harta Bhd, one of the biggest developers in Kedah.
He said Bolton would unveil at its upcoming sales launch, the design and concept of the condominium units as well as the facilities in the podium block.