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RM650mil Hunza projects

March 7th, 2012 · No Comments

Hunza Properties Bhd is launching about RM650mil of residential properties in Kepala Batas in Seberang Prai and Tanjung Bungah on Penang island this year.

Group executive chairman Datuk Khor Teng Tong in an interview  told StarBiz that residential properties value at about RM300mil in gross development value (GDV), consisting of a double-storey semi-detached, terraced, and low-medium cost houses, had been planned for Kepala Batas.

“We have already started work on the Malaysia property houses and will launch the properties for sale in the second half of 2012,” Khor said. “After the launch, the group will still have about 350 acres of undeveloped land-bank in Kepala Batas, which will be used for residential development.”

In Tanjung Bungah, Khor announced that the group would launch Alila 2, a 265-unit condominium project, in the second half of this year. It would have a GDV of about RM350mil.

“The condominium units will have built-up areas ranging from 1,700 to 3,000 sq ft,” he said.

On the group’s proposed mixed-development project with an estimate GDV of RM6bil to RM7bil on a 16.2ha site in Bayan Baru, Khor said the group had employed two internationally famous architect consultants to counsel on the master plan.

He said the group had just obtained  a 2ha land to develop 1,000 low-cost homes for the households presently residing over 16.2ha site. “We have initiated steps to obtain approval from the local authorities to develop the low-cost homes.”

Khor further stated  the group was aiming to finish the Gurney Paragon shopping mall this coming  November 2012.

“So far we have committed to lease out about 45% of the over 700,000 sq ft of nettable area of the shopping mall,” he said.

On the subject of preserving the St. Joseph’s Novitiate building in Gurney Paragon, presently known as St. Jo’s, Khor said, the group had spent RM10mil to bring back the heritage structure and a further RM3.5mil to convert it into a new dining and entertainment hub in Penang.

“Hunza will work hard to continue to bring in established names that have yet to set up a presence in Penang to open their businesses in Gurney Paragon,” he said.

Khor said the multi-purpose hall of St. Jo’s would be utilized for hosting events like meetings, conventions, and weddings.

St. Jo’s was completed and officially  opened in 1918 by the De La Salle Brothers, who founded education not only in Malaysia but as well as around the world

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