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.

A THREE-day carnival will be held at Autocity in Juru, Penang, in conjunction with the National Day.

The 2011 Glanz Merdeka Living Green, Beauty and Health Carnival will be held there from 4pm to midnight daily from Aug 30 to Sept 1.

It is organised by Junior Chamber International (JCI) Butterworth City and managed by Glanz Event Management.The event is endorsed by the Penang Government.

Among the highlights of the carnival are the Miss Glanz beauty contest, a teh tarik competition, a song composing competition and a recycling competition for children.

Organising chairman Alex Tan said there would also be celebrity appearances and performances by Miss World Malaysia 2008 winner Soo Wincci, Bossa Princess Z Yan, singer, songwriter and TV host Gary Yap as well as local singing group Great Empire.

“Our many objectives for the event include raising awareness on living green and to motivate participants to make positive health behaviour changes,” Tan told a press conference in Komtar on Monday.

He said there would be an exhibition featuring more than 30 booths which, among others, would showcase healthcare and lifestyle products, properties and automative supplies.

State Health, Welfare, Environment and Caring Society Committee chairman Phee Boon Poh said more than 500 cyclists had signed up for the National Day Green and Fun Ride Tour 2011 that would take place there on Aug 31.

He said there would also be a countdown event at 11.30pm on Aug 30.

SOURCE: The Star

KUALA LUMPUR: Nadayu Properties Bhd aims to launch three projects worth a combined RM1.5 billion in the Klang Valley and Penang from next month to grow itself and build its branding.

“We are upbeat on the market. We plan to have a good following and grow the company’s net profit and revenue year-on-year.

“We do intend to return dividends to shareholders. I believe overtime, we will have local and foreign funds investing in the company,” Nadayu chairman Hamidon Abdullah said.

Hamidon and Nadayu executive director Alex Cheang control 70 per cent of the company.

Nadayu is launching a RM400 million project in Bandar Sunway called Nadayu28, featuring shoplots and high-rise residential units.

Hamidon expects 10 units of five-storey shoplots to be sold prior to the launch based on the number of bookings it has currently.

In Cyberjaya, Nadayu is launching a RM430 million mixed development by November and the first phase will comprise apartments and terraced houses.

By end-2011, it will launch Nadayu290 in Bukit Gambir, Penang, featuring high-rise residences and commercial space. This is 50:50 joint-venture project with Affin Islamic Bank Bhd.

“In the past, our projects were located in Cheras, Gombak and Selayang. We are now moving to where demand is,” Hamidon said at the company’s shareholders meeting here yesterday.

On the 1.4ha land near Sheraton Imperial Hotel at Jalan Sultan Ismail that Nadayu had planned to buy from UDA Holdings Bhd for RM215.5 million, Hamidon said he is disappointed with the outcome.

Nadayu had formalised the deal with UDA in July and planned to undertake a mixed development worth RM1.2 billion. UDA aborted the deal as it was unable to obtain the approval of its shareholders.

Hamidon said Nadayu is seeking more landbank and may also undertake projects in Penang, involving land reclamation if the opportunity arises.

“As a medium-sized developer, we can pick and choose what we want to do as we have the ability to buy tracts of land. We don’t have to scramble for landbank. If we don’t lose ourselves, we can progress credibly forward,” he said.

SOURCE: Business Times