Property developer Bolton Bhd expects to spend RM200 million to increase the size of its land bank on Penang Island, giving a boost to its newly-launched maiden project, “Surin”, a RM130 million condominium development in Tanjung Bungah.

“We are currently evaluating acquisition opportunities in Penang and have seen three or four proposals,” said its executive chairman Dato’ Azman Yahaya. Bolton is looking at developing residential properties comprised of gated communities and high-rise developments, with a gross development value ranging between RM600 million and RM800 million.

With a development value of RM200 million, the Surin project sits on 1.4 ha of land and offers 390 luxury condominium units tagged from RM364,988 to RM1.2 million per unit. The project is scheduled for completion by 2011. Bolton executive director Chan Wong Kwong said 65% of the 198 units in the first tower have been sold prior to the official launch.