GEORGE TOWN: Hunza Properties Bhd will submit plans to the local authorities next year for a mixed-development project in Bayan Baru with a gross development value (GDV) of RM6bil to RM7bil.

Executive chairman Datuk Khor Teng Tong told a press conference after the company’s AGM that the group had engaged a couple of architects from Singapore to draw a master plan for the project sited on over 16.2ha, opposite the Bukit Jambul Complex.

Khor said the group had just acquired 2ha for the development of 1,000 units of low-cost homes for the households currently occupying the over 16.2ha site.

“We have initiated steps to obtain approval from the local authorities to develop the low-cost homes. Once the approval is obtained, it will take about 18 months to complete the low-cost project,” he said.

On the Gurney Paragon Mall, Khor said the second phase of the project would be completed next year-end and would open in March 2013. The second phase, comprising the corporate headquarters and shopping mall, was now 50% completed.

“The first phase has been completed with certificate of fitness obtained,” Khor said.

SOURCE: The Star

Hunza Properties Bhd (HPB) expects to submit plans to the relevant authorities by the middle of next year for its proposed integrated development in Bayan Baru on Penang island.

The company’s executive chairman Datuk Khor Teng Tong yesterday said that international consultants have begun working on a masterplan for the development, which is expected to carry a development value of between RM6 billion and RM7 billion.

The company had purchased a 6.48ha prime land in Bayan Baru for RM82 million, which it plans to turn into a project that will incorporate both residential and commercial components.

“Our plans will be in tandem with the Penang state goverment’s vision to turn the island state into an international city,” Khor told reporters after the company’s annual shareholders meeting.

Khor said the company has initiated getting the necessary approvals from the state authorities to build affordable housing units for squatters affected by the proposed project.

“Over and above the 6.48ha land, we also purchased more than one hectare of land in the surrounding area in order to build around 1,000 low-cost units to house the affected squatters,” he added.

“Once all approvals are obtained, we expect to complete building the affordable homes within 18 months.”

Khor also said the Gurney Paragon condominiums, which are located at the sea-fronting Gurney Drive promenade, are now 70 per cent sold with its certificate of fitness for occupation obtained in June this year.

“Construction work on our Gurney Paragon lifestyle shopping mall continues and is targeted for completion during the second half of 2012,” he said, adding that the first phase of the Gurney Paragon mall (which comprises food and beverage outlets housed in the historical St Joseph’s Novitiate premises) will open soon.

He added that HPB’s leasing team has been tasked with ensuring an optimum tenant mix and one of the main features of the new mall would be to bring in established shops and operators that are not present in Penang as yet.

For its 2011 financial year ended June 30, HPB recorded RM63.7 million in net profit after tax and minority interest. This compares with RM50.9 million during the previous corresponding year.

SOURCE: Business Times

LUXURY homes will continue to sell in 2012 despite the uncertainty in economy outlook.

SP Setia Bhd general manager (property division – north) Datuk S. Sundarajoo said people would still buy homes although there could be a slowdown as they wanted to make observations before deciding.

“It won’t come to a crunching standstill,” said Kuala Lumpur-born Sundarajoo, who helms the company’s three substantial housing projects in Sungai Ara and Relau.

Sundarajoo said luxury homes would definitely sell given the right pricing, product and timing.

He added that it was also important to sell the right amount of units.

Sundarajoo was speaking to reporters at the official launch of the four-storey Pearl Villas at Setia Pearl Island in Bayan Lepas on Saturday.

The 49-year-old described the five-bedroom villas as “cream of the crop” in luxury homes.

“It’s the last piece of landed property in Setia Pearl Island.

“Built under the ‘Zero Lot Villas’ concept, the freehold villas are the first of their kind in Penang,” he said, adding that he was confident the units would be selling fast.

Priced from RM2.98mil onwards each and with a spacious built-up area of 6,577sq ft onwards, the villas offer exceptional value for money.

“Our terrace units are already selling at around RM400 per sq ft, while the villas are priced at RM456 per sq ft,” he said, commenting that the difference was not much.

He said there was a demand for such homes by buyers who were keen to upgrade their homes.

“There are also many multinational corporations (MNCs) interested due to the proximity to the airport and the Bayan Lepas Free Industrial Zone (FIZ),” Sundarajoo said.

He added that there were only 35 units of the villas with eight already sold and three reserved since the project was opened for sale on Dec 9.

The villas feature a viewing and function deck which can be converted into rooms, home automation as well as a private pool and lift.

The villas are also built and designed according to Singapore?s Construction Quality Assessment System (CONQUAS) certification to ensure that only homes of high quality standards and excellent workmanship are delivered to homeowners.

The expected date of completion is end of 2013.

A promotion is on-going until end of the month which will allow buyers to enjoy savings of about RM400,000.

For more details, call Setia Promenade Sdn Bhd at 04-6422255.

SOURCE: The Star

RETAIL tenants selling unique products at the Straits Quay marina enclave in Penang are doing extremely well.

E & O group hospitality and lifestyle director Michael Saxon said this showed that Penangites appreciated the special offers at the retail marina in Tanjung Tokong.

He added that at least 3,000 people would throng Straits Quay on a weekday and a lot more people during the weekend.

“Many Penangites like to sit in the outlets, have something to drink and eat and look out to the sea.

“They often comment that the place has a romantic feel. They love that Straits Quay is completely different from any other spot in Penang,” he said during the official opening of Straits Quay on Saturday.

Penang Chief Minister Lim Guan Eng, who launched the opening, said that the opening of Straits Quay could help in international benchmarking.

“In true E & O style, Straits Quay is the new landmark in Penang,” he said.

Straits Quay, the first retail marina enclave in Penang, was developed by E & O Berhad.

Later, Lim also launched the Penang Super Car Club at Spasso Restaurant in Straits Quay.

Forty supercars were on display.

The club also presented mock cheques of RM5,000 each to the Penang Fo Yi Haemodialysis Society, the Ramakrishnan Ashrama and Pure Lotus Hospice of Compassion.

Source: The Star

GEORGE TOWN: The Penang Heritage Trust (PHT) is concerned over the approach taken by the Penang Municipal Council (MPPP) to overcome floods in the state’s heritage enclave.

PHT president Khoo Salma Nasution said it lauded the effort by MPPP to mitigate floods but what was of concern, were the methods and approaches adopted.

“We are happy that the (local) authorities have listened to the people’s concerns. However, we have also received numerous complaints from the public over the scope of the implementation,” she said.

Khoo Salma said that in the past few weeks, the PHT had received complaints from ratepayers about damage to private property and shophouses when the historic granite fonts were removed and discarded.

“The excessive use of concrete to fight floodwaters is worrisome,” she said.

PHT council member Rebecca Wilkinson-Duckett said that the use of box culverts had altered the natural drainage ecology in George Town.

The original brick and lime structures were permeable and allowed for underground water to flow into the drains.

“The concrete box culverts prevent such action. The new drains also prevent smooth outflow of water from air wells of shophouses and have hampered PHT’s efforts to get owners to re-open their air wells.”

It was reported that the state government was disappointed that a few heritage-based non-governmental organisations (NGOs) had complained about MPPP’s works to upgrade drainage in the heritage areas.

State Local Government and Traffic Management Committee chairman Chow Kon Yeow said they should not have complained to the National Heritage Department without referring first to the council.

He said that the NGOs had complained that the drains should not be upgraded as they were part of Penang’s heritage.

“We are upgrading the drains because they are old and they cannot hold a heavy volume of water during the rainy season. This has resulted in floods. Flooding is a major concern to all. We are upgrading the drains to address the issue. The NGOs should consider this before lodging complaints,” he said.

SOURCE: The Star