GEORGE TOWN: World-class hotelier Amanresorts International Pte Ltd's plans to manage and market a proposed resort on Penang Hill are still on track and awaiting government approval.

The company told Business Times yesterday that despite news reports that the luxury Aman Resorts chain may be sold, plans or operations of its resorts are not affected.

"Essentially, the Aman project, which is still to be named, is going ahead pending government approval.

"There is an Aman resort proposal to be submitted on September 5 this year to the (Penang) Chief Minister Incorporated for final approval," Amanresorts Press Office media communications manager Anjali Nihalchand said in an email.

In May, the Penang government had announced that Amanresorts will refurnish the famous Crag Hotel on Penang Hill, which was one of the earliest hilltop homes and later turned into a hotel in 1929. The hotel has been in a neglected and direlect state since 1977 when the International school of Penang (better known as Uplands School) vacated the premises and moved to George Town.

The project was reported to have been awarded in April to Sri Nisuh Sdn Bhd and the company was said to be investing US$12 million (RM35.76 million) to finance the project which was to be completed within 30 to 36 months.

The Sunday Times in London, which did not mention a source for its story, had reported that the luxury Aman Resorts chain may be sold for more than US$400 million (RM1.19 billion).

The report stated that the current owner, Indian property company DLF Ltd, has reportedly been seeking a buyer for Aman and the newspaper reported that it may have asked Goldman Sachs Group and Citigroup to find a strategic partner.

When asked to comment on whether this piece of news would affect Aman's plan for the Penang Hill resort, Anjali said: "No, the shareholding of the parent company of Amanresorts does not affect the plans or operations of the resorts."

In 2007, Khazanah Nasional Bhd announced that it had entered into a heads of agreement with Kota Selat Tebrau Sdn Bhd, Symphony International Holdings Limited and Aman Resorts Limited to develop an Aman Resort in the Iskandar Development Region in Johor.

The proposed resort was to have been the first Aman Resorts property in Malaysia to be built, designed and operated and the hotel was slated for completion in 2009. However, the project did not materialise.

SOURCE: Business Times

KUALA LUMPUR: Former mining concern turned property developer Selangor Dredging Bhd (SDB) expects revenue contribution from Singapore projects to grow to 50 per cent over the next two years.

"We hope that 50 per cent of our income will come from Singapore," its managing director Teh Lip Kim said.

Currently, the Singapore projects contribute about 30 per cent to SDB's income.

Teh was speaking at a press conference after its annual general meeting (AGM) here yesterday. Also present was chairman Eddy Chieng Ing Huong.

She said SDB aims to launch several new projects in the Klang Valley and Singapore, worth a combined RM1 billion, by end-2012.

The firm will kick off the new projects with the Hijauan in Singapore through its unit SDB Asia. The land measuring about 19,806 sq ft there is located in Cavenagh Road, with a gross development value (GDV) of RM238 million.

SDB is planning to build 41 units of luxury apartments in District 9, a prime location in the island republic. It then plans to launch high-end apartments in Batu Feringghi in Penang.

The Hijauan project is expected to take off next month, while the one in Batu Feringgi in November.

Also in the pipeline are two more projects slated to be launched in the first and second quarters of next year, in Cheras Selatan and Dengkil respectively.

SDB has five ongoing projects, two in Taman Melawati in Kuala Lumpur, one in Petaling Jaya and two in Singapore.

Teh is confident that its niche portfolio of projects and new team of key department personnel will put SDB in a strong position to perform credibly.

"We will continue to focus on our strategy of niche, quality developments and will prudently proceed with our plans to launch based on market conditions," she said.

For the first quarter ended June 30, SDB registered a net profit of RM10.1 million, compared with RM5.6 million recorded in the same quarter of 2010.

The company recorded a revenue of RM98.9 million for the first quarter of 2011 compared to RM62.4 million during the corresponding quarter in 2010, boosted by high sales achieved in 20trees West in Taman Melawati and Five Stones in Petaling Jaya as well as Gilstead Two in Singapore.

SOURCE: Business Times

GEORGE TOWN: Hunza Properties Bhd (HBP) is set to raise the bar for retail and food scene in Penang with the staggered opening of Gurney Paragon from December this year.

Executive chairman Datuk Khor Teng Tong yesterday said in its bid to bring in fresh names in retail and dining to the island, the company had lined up a mixture of tenants who have not operated here before.

"Besides signing up with TGV Cinemas Sdn Bhd, Pacific Coffee and Italiennes Restaurant, we are also in talks with luxury goods retailer Valiram Group about bringing several of its brands to our shopping mall," Khor said after taking the media on a tour of the residential and commercial components of Phase 1 of Gurney Paragon.

He said the shopping mall, boasting a net lettable area of 700,000 sq ft, will form the second phase, which fronts both Gurney Drive and Jalan Kelawai. It is expected to be completed by end-2012.

Khor said there were plans to bring in Japanese restaurant Hokkaido Ichiba.

Ahead of the mall's opening, Gurney Paragon chief operating officer Cheng Jih Min said HPB is set to unveil a food and beverage component in Gurney Paragon's first phase by year-end in a restored heritage building, which used to house a training school for Catholic missionaries.

The 94-year-old St Joseph's Noviate, which includes a chapel, is undergoing restoration work and will house eateries like Coffee Bean and Thank God It's Friday.

The first phase, which carries a development value of RM480 million, includes the heritage building, which is flanked by two towers with 220 high-end condominium units.

More than 70 per cent of the units have been sold, Khor said.

HPB is set to give out rebates totalling RM10 million as late delivery charges to 100 affected buyers. The company had a 12-month delay in completing the condominiums after it was slapped with a stop-work order, after an access road to a condominium project next door to Gurney Paragon caved in.

On measures the firm is taking to cope with the expected higher traffic in the area, Cheng said: "We are looking at shuttle buses to bring in shoppers from different points in Penang as one option, and also hope the state authorities will go ahead with turning Gurney Drive and Jalan Kelawai into one-way roads.

"The fact that we are offering 1,800 parking bays and access roads to the mall ought to take some pressure off the main roads."

SOURCE: Business Times

Hunza Properties Bhd's pre-tax profit for the fourth quarter ended June 30, 2011 fell to RM10.94 million from RM20.26 million in the same period last year.

Its revenue declined to RM46.79 million from RM73.39 million previously, driven by lower sales and sales mix of the group, it said in a filing to Bursa Malaysia today.

%9Hunza said the decrease was also due to the write-off of RM4.8 million from civil suit between Hunza Parade Development Sdn Bhd and The Kwangtung and Tengchow Association Penang.%9 %9Hunza said it was confident of continuing to record a decent performance in the current year. — Bernama


SOURCE: Business Times

Escape Penang, the up-coming eco-friendly theme park located in Teluk Bahang, Penang. Sim Leisure has been granted the approval from local authorities to start the project and the construction work is planned to begin early September 2011.

The theme park would have five components – fun hotel, water park, active park, animal farm and jungle adventure.

For more details, you can visit Escape Penang website.