Bolton hires Penang firm for Surin works

Property developer Bolton Bhd has appointed a Penang-based construction firm for the main building works of its "Surin by Bolton" luxury condominium development on the island.

However, it did not identify the company appointed to carry out the building works, nor indicate the value of the contract.

"The contract will involve the structural construction of the twin-towered 28-storey Surin development, atop a five-storey podium car park," Bolton said a statement issued yesterday.

The project, which serves as Bolton's maiden property venture into Penang, is slated for completion by early 2012 and is situated on a hill in Tanjung Bungah. Earthworks for the project are 85 per cent completed.

"Piling works for the two blocks of condominiums have reached 60 per cent, while construction of the physical buildings begun last month," said Bolton.

Construction works on Tower B have started and reached the basement level stage and are slated for completion by 2011.

Situated on a freehold 1.36ha site, the Surin development was officially launched in July 2008 and is reported to carry a development value of RM200 million.

Bolton executive director Chan Wing Kwong said a take-up rate of 80 per cent has been charted for Tower B, which has 198 units.

"All six penthouse units in Tower B have been sold and Bolton has released the remaining 12 penthouse units in Tower A for sale," he added.

Apart from local purchasers, Chan said foreign interest has also been expressed for the Surin and there has been purchases made by investors from Singapore and Hong Kong. - By Marina Emmanuel (Business Times)

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