Based on the news report, Asian Global Business Sdn Bhd’s (AGB) planned to start work on the RM250mil Rice Miller Weld Quay development project in Penang Island by year end. The project comprises a five-storey boutique hotel with 50 rooms, 80 private residences, commercial retail lots and a restored heritage project, all not exceeding 18m in height.
The maximum height of buildings in the project, which has an estimated gross development value of over RM400mil, has been revised from 51.7m to comply with guidelines in the state heritage dossier.
The new component in the revised plan that aims to rejuvenate life in the inner city is the conservation and restoration of a 19th-century heritage building with a row of godowns.
The five-storey boutique hotel will have 50 rooms, while the two blocks of private residences will have 80 apartments, each with a built-up area of between 600sq ft and 6,000sq ft, priced competitively.
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