Penang’s newest landmark, The Rice Miller project, is expected to be completed by the first-quarter of next year.
The RM250 million project by Asian Global Business Sdn Bhd (AGB) in Georgetown, Penang, is now 60% complete, said group MD Dr Noraini Abdullah.
She said the development includes the conservation of some buildings from the 19th century on a three-acre (1.2ha) site.
The Rice Miller project consists of a five-star hotel, the Rice Miller Hotel & Godowns, and The Rice Miller City Residences.
Noraini said the project nestles on the last contiguous piece of land in Georgetown. The development was the first substantial investment in the state in the last 50 years.
The company conceptualised the development and purchased the land for RM45 million in 2005.
“Land prices in the area at the time was between RM140 and RM160 per sq ft. Today, the price is over the RM1,000 per sq ft mark.
“The arrival of an integrated development comprising a five-star boutique hotel, residences and retail and commercial offerings to the inner city has enhanced the value of surrounding properties and in turn, unlocks the value of Georgetown,” she said in Kuala Lumpur yesterday.
The Rice Miller Hotel & Godowns GM Patrick Moukarzel said The Rice Miller encompasses three elements — the five-star all-suite The Rice Miller Hotel and the Godowns, made-up of restored 19th century shophouses where food and beverage (F&B), retail and function facilities will be located, and The Rice Miller City Residences.
“The Rice Miller Hotel will have 45 suites and The Rice Miller penthouse, supported by six F&B outlets and lobby lounge, spa, infinity pool and fitness centre services,” he said.
Incorporated in 1999, AGB is an urban tourism and property development company with a primary focus on the northern region of Peninsular Malaysia.
The company also has business interests in hospitality, education, property and conservation management services.