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Hunza eyes RM1.4bil revenue from 3 mixed developments

September 22nd, 2013 Leave a comment

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

Source: StarProperty.my

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  1. Teo
    September 22nd, 2013 at 10:36 | #1

    You make Penang people proud. Gurney Paragon is managed
    by Penang Kia.

  2. pgkia
    September 22nd, 2013 at 12:15 | #2

    @Teo
    Are you sure younare proud? Rumours has it that he is going to sell it to Capitaland. Anyway, even if its a false rumour, just ask around the tenant there. They will tell you how bad their business was. The only tenant with good business is those F&B.

  3. Teo
    September 22nd, 2013 at 18:20 | #3

    It is bad news if they are going to sell it to capitaland. Which
    make most of the malls are controlled by capitaland in Penang.

  4. Jennie
    September 22nd, 2013 at 23:49 | #4

    Hi,

    Does anybody know where will this Juru project to be located?

  5. Jason
    September 23rd, 2013 at 12:00 | #5

    Jennie :Hi,
    Does anybody know where will this Juru project to be located?

    They want to develop Juru? Where? If true, this is a good news to change the landscape of Juru. Not easy to develop Juru area due to traffic congestion, road is too narrow, foreigners placement and chicken farms. Whatever it is i believe with this developer reputation.

  6. YES
    September 23rd, 2013 at 15:46 | #6

    @Jason
    dont because of one taman then you said juru is foreigners placement…juru have many
    good properties too…narrow road and traffic congestion are both true that will need to solve to make it better place to stay…

  7. Jason
    September 25th, 2013 at 07:44 | #7

    @YES
    yes maybe because I has a bad experience with that one taman in juru. Anyway i believe with this Hunza as a developer with a good reputation in the development planning

  8. YES
    September 25th, 2013 at 11:32 | #8

    @Jason
    i drive around juru area, other than that taman…the rest actually not bad or even very good environment…lets hope hunza come in and drive up the properties prices in mainland with second bridge opening soon too…

  9. Googoo
    October 2nd, 2013 at 16:46 | #9

    @YES
    The road leading to my Residency Cendana is very wide, but traffic congestion from the Perkampungan Juru towards Juru Light Industrial i would say its a madness due to the narrow road and traffic light. The current road and flyover leading to Juru Light Industrial will be not enough to cater during peak hour.

  10. suck
    October 4th, 2013 at 11:12 | #10

    @Googoo
    Along Jalan Kebun Baru Juru starts from traffic lights the road is too narrow but width up to Residency Cendana then back to narrow until Juru Heights and stuck there. Width of the road just in front of the Residency Cendana. what I know in this area is too many foreigners

  11. condomana
    October 4th, 2013 at 14:12 | #11

    For those buying properties in mainland, just take note.

    “…..With high-voltage power lines, the structure is believed to produce electromagnetic field (EMF) that is hazardous to people’s health. The exact measure of radiation exposure can be calculated by the voltage, current levels and distance from the property.

    There have been a few case studies linking the home distance with detrimental health effects. The majority of experts advise pregnant women to stay away from such places to avoid possible health risks. If one still thinks of buying, then it’s best to acquire an EMF meter to test out the radiation exposure yourself….”

    http://www.starproperty.my/index.php/articles/property-news/beware-of-environmental-factors-when-buying-a-property/

  12. BL
    December 16th, 2013 at 16:43 | #12

    Good news for juru residents.

  13. Values
    December 16th, 2013 at 18:01 | #13

    good news if only Mah Sing or SP Setia come to Juru, else it will be another Juru Height by Tambun Indah

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