Hunza eyes RM1.4bil revenue from 3 mixed developments

by **Cals** Sun 22 Sep 2013, 19:22

Published: Saturday September 21, 2013 MYT 12:00:00 AM
Updated: Saturday September 21, 2013 MYT 7:01:56 AM
Hunza eyes RM1.4bil revenue from 3 mixed developments

GEORGE TOWN: Hunza Properties Bhd expects about RM1.4bil in revenue from its three mixed development projects in Tanjung Bungah, Seberang Perai and Kepala Batas over the next three years.
Executive chairman Datuk Khor Teng Tong said Hunza would be focusing on its key property market in the northern region where the group has about 364.2ha of landbank.
He said these three projects – Alila 2 in Tanjung Bungah, the Juru projects in Seberang Perai and Bandar Putra Bertam in Kepala Batas – would contribute significantly to the group’s revenue over the next three years.
“With the robust Penang property market and the increasing demand for the state’s properties, we foresee that revenue contribution from these three projects will be around RM1.3bil to RM1.4bil in the next three years,” he told reporters after an analyst briefing on the group’s financial results yesterday.
Khor explained that the Alila 2 projects, with a gross development value (GDV) of RM450mil, would have two blocks of 270 residential units on four hectares of land in Tanjung Bungah.
He said the 14.5ha in Juru would comprise residential units, hypermarket, hotel and two-storey shoplots, while the Bandar Putra Bertam projects with a GDV of over RM200mil would comprise residential terraced and commercial units.
“All these projects will be launched within the next three years as construction work is expected commence in 2014,” he said.
On Hunza’s Bayan Baru land, he said the group was currently in the process of relocating the estimated 800 squatter households, and the project was expected to commence in 2016.
Meanwhile, Khor said he was optimistic that the Gurney Paragon Mall would achieve full occupancy next year from the current 75% to 80%, citing the positive market and demand from prospective tenants as Gurney Paragon Mall offers a different experience of shopping and entertainment in the heart of Gurney Drive.
“We are confident of achieving 98% to 100% next year, as the mall is fully managed and owned by Hunza, a Penang-based developer, thus giving confidence to potential tenants,” he said.
Located along Gurney Drive, the iconic development on a 4.08ha piece of freehold land was launched on July 23. It offers premium lifestyle shopping, and houses al-fresco dining areas with leading international retailers built around the restored St Joseph’s Novitiate, a heritage building with unique architecture. – Bernama