fbpx

Kobay Tech buys Penang land, hotel for RM4.5m

January 6th, 2011 Leave a comment

KUALA LUMPUR: Kobay Technology Bhd bought freehold land along with a 9-storey hotel called Butterworth Travel Lodge in Butterworth, Penang from Woo Brothers Development Sdn Bhd for RM4.5 million, it announced on Thursday, Jan 6.

The group said the acquisition is part of its expansion and diversification plan, and will facilitate the group to venture into the hotel business. The location of the hotel is five minutes drive to ferry and bus terminals, and less than 20 minutes drive away from the Penang Bridge.

The hotel is located on 1, Lorong Bagan Luar Satu in Butterworth, and has a built-up area of 36,822 sq ft. The land area is 4,305 sq ft. There is net lettable space of about about 23,762 sq ft, made up of 45 rooms, a coffee house, four meeting rooms and a conference hall. The sale also included all the fittings and fixtures within the hotel.

Additionally, expected revenue generated from the hotel business is about RM60,000 per month, based on a 50% occupancy rate, the group said.

Kobay Tech is an investment holding company that engages in design, manufacture, and sale of machinery, equipment, moulds, tooling parts, precision machined parts, and components.


SOURCE: The Edge Property

Categories: Property News Tags:
  1. No comments yet.
  1. No trackbacks yet.
(You can also Login/Register to submit your comment using unique ID)


Comment Guidelines
  • Avoid political discussion.
  • Comments with inappropriate wordings or personal attack may be moderated or deleted.
  • Developer must register before comment. All anonymous comments claimed to be from developer without registration will be deleted.
  • All advertisement in the comment will be deleted. Please contact us for advertising details.


Related Properties for Sale/Rent @
Advertise your property at PenangPropertySale.com and it will be shown here. (Only listing with photo)

To advertise your property in this page under "Related Properties for Sale/Rent":
 1. Submit your property at PenangPropertySale.com, it's FREE!
 (Please do not advertise your property in the comment)