HUNZA plans 3 projects with GDV of RM1.4 bln in next 4 years

HUNZA plans 3 projects with GDV of RM1.4 bln in next 4 years
Business & Markets 2013
Written by Bernama
Wednesday, 28 August 2013 19:59

GEORGE TOWN (Aug 28): HUNZA PROPERTIES [] BHD [] plans to launch three property projects with a gross development value (GDV) of RM1.4 billion over the next four years, says Executive Chairman Datuk Khor Teng Tong.

He said the three projects, Hunza's focus for the coming years, include an integrated development on 14.9 hectares in Juru worth RM700 million in GDV; Alila II — a high-rise green building project (RM500 million GDV); and Bandar Putra Bertam in Kepala Batas (RM200 million GDV).

"The planning ratio at Juru is expected to be 75 per cent for high-rise residential and 25 per cent for commercial (held by Hunza)," he told reporters after announcing the group's financial results ended June 30, 2013 here today.

He said the integrated development in Juru would feature a four-star hotel, hypermarket and recreational facilities covering about 500,000 sq ft (about 46,451 sq m), which will be owned and managed by Hunza.

The group plans to submit the proposal to the relevant authorities by September or October this year, he added.

Khor said the hotel, with about 300 rooms, is expected to be another revenue stream for the group, after its premier lifestyle shopping mall, Gurney Paragon Mall, which opened on July 23 this year.

On Alila II, Khor said the project, comprising two tower blocks of high-end condominiums sited on the Alila in Tanjung Bungah, is likely to be launched soon as it is currently awaiting final approval from the relevant authorities.

For the RM200 million GDV in Kepala Batas, he said it would be the remaining phases after the 128 double-storey semi-detached houses of phase three, launched in May 2012, are completed and fully-sold.

"The phase three, featuring 173 double-storey terrace houses launched in the third quarter of financial year 2013, has to-date achieved more than 50 per cent sales," he added.

On Hunza's multi-billion ringgit integrated development in Bayan Baru, Khor said the group hopes to start the project in 2016, with earthworks for the low-cost units for the resettlement of the squatters in progress.

Asked to comment on the possibility of increasing the real property gains tax (RPGT) to stabilise the prices of houses, Khor said: "I don't agree that the government always changes its policies."

More houses should instead be built if supply was short, to stabilise the prices, while changing the policies would affect the industry's growth, he said.