GEORGR TOWN, Penang: Hunza Properties Bhd expects about RM1.4
billion 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 will be focusing on its key property market in the northern region where the group has about 900 acres (364.2 ha) 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 -- will 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 RM1.3 to RM1.4 billion in the next three years," he told reporters after the analyst briefing on the group's financial results ended June
30, 2013 here today.
Khor explained that the Alila 2 projects, with a gross development value (GDV) of RM450 million, will have two blocks of 270 residential units on four ha. of land in Tanjung Bungah.
He said the 14.5 ha piece of land in Juru will comprise residential units, hypermarket, hotel and two-storey shoplots, while the Bandar Putra Bertam projects with a GDV of over RM200 million will 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 is currently in the process of relocating the estimated 800 squatter households, and the project is expected to commence in 2016.
Meanwhile, Khor said he is optimistic that the Gurney Paragon Mall will achieve full occupancy next year from the current 75 to 80 per cent, 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
"We are confident of achieving 98 per cent to 100 per cent 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 4.08 ha. 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.
The integrated development comprises two blocks of high-end condominiums, an office block, St Jo's, three-storey podium retail lots and a shopping mall.
The 700,000 sq ft (65 sq. m.) mall features premium outlets such as SAM's Groceria by homegrown retail giant Mydin Mohamed Holdings, and brands new to Penang -- H&M, Sephora, Debenhams, Canali, La Martina and Michael Kors.-- Bernama