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Monday, September 30, 2013

Hunza plans to start RM7bil project in Bayan Baru in 2015

Source: http://www.thestar.com.my/Business/Business-News/2013/09/28/Hunza-goes-for-commercial-jobs-It-plans-to-start-RM7bil-project-in-Bayan-Baru-in-2015.aspx

AFTER its Gurney Paragon project, Hunza Properties Bhd plans to focus on the development of commercial projects on the island and in Seberang Prai.

The group plans to start a RM7bil commercial city project in 2015 in Bayan Baru in the south-west district, a RM700mil commercial-cum-residential development in Juru, and a hotel in Tanjung Tokong.

Group executive chairman Datuk Khor Teng Tong tells StarBizWeek that the commercial city project, to be located on 16.1ha in Bayan Baru, would take 10 years to complete.

“There will be at least two four-to-five-star hotels, a shopping mall, college, high-end condominiums and office towers.

“We have engaged Australian and Singaporean architects to provide consultation on the design and concept of the project,” Khor says.

The shopping mall would be twice the size of the present Gurney Paragon shopping mall.

The project site is four times the size of the Gurney Paragon land.

“We are now building 690 units of flats to relocate the squatters on the site,” he adds.

While the group had expected the Gurney Paragon project to place Hunza in Penang’s development spotlight, the Bayan Baru project would propel Hunza to the national level, according to Khor.

The group expects demand for high-end schemes in Penang to rise, as the infrastructure on the island is improving with the completion of the second bridge, slated by October.

“There is also the RM8bil infrastructure package which includes the 6.5km undersea tunnel project linking Gurney Drive and Bagan Ajam, the 4.2km Gurney Drive-Lebuhraya Tun Dr Lim Chong Eu bypass, the 4.6km Lebuhraya Tun Dr Lim Chong Eu-Bandar Baru Air Itam bypass and a 12km road connecting Tanjung Bungah and Teluk Bahang, which are being planned to take the infrastructure in Penang to the next level,” Khor says.

The group is also planning a high-end hotel project in Tanjung Tokong, according to Khor.

In Juru, the group plans to develop a RM700mil commercial-cum-residential scheme which will include a RM60mil to RM70mil four-star hotel on 14.9ha.

“This will be the group’s first hotel, which will have 250 to 300 rooms. The scheme also includes a hypermarket, leisure facilities, and commercial and residential properties,” he says.

Khor says the planning proposal for the scheme would be submitted to the local authorities soon.

“We hope to commence work by the third quarter of 2014. The whole project will take three to five years to complete.

“The hotel will be managed by professionals and will provide steady revenue stream for the group besides the Gurney Paragon Mall,” Khor adds.

On the group’s residential schemes, Khor says it will launch the RM500mil Alila 2 project on 4ha in Tanjung Bungah next year.

“There will be 270 condominium units. We will apply for the green building index and construction quality assessment system certifications for the project.”

In Seberang Prai, the group has launched in the third quarter some 173 two-storey terraced houses in Bandar Putra Bertam, Kepala Batas.

“The project has to date achieved sales of more than 50%,” he adds.

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