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

Property News/ 6 January 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

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