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Published: Thursday December 6, 2012 MYT 4:16:00 PM

Hunza Properties expects decent results for FY 2013

GEORGE TOWN: Hunza Properties Bhd expects decent results for FY ending June 30, 2013, underpinned by Gurney Paragon, Bandar Putra Bertam in Kepala Batas and Infinity, a high-end residential project.

Executive chairman Datuk Khor Teng Tong said on Thursday Hunza was focusing on Gurney Paragon, the major contributor for the property segment for the 2012 financial year.

"Rental income from tenants at Gurney Paragon's retail podium and St Jo's heritage building are the new stream of recurring income which just started for Hunza.

"The revenue contribution will increase significantly to the group upon completion and operations of the Gurney Paragon phase two retail mall and office tower soon," he said after Hunza's AGM.

Khor said Gurney Paragon Mall is slated to open in July next year and he expected more tenants.

Among them are Debenhams, Lunarich Pizza and Pasta, Angus House Japanese Charcoal Steak and leading retail group Valiram have confirmed to take up the main mall with over 10 retail stores.

On Bandar Putra Bertam in Kepala Batas, Khor said the new phase of 128 double-storey semi-detached houses has been launched and has started to contribute to attributable sales in the financial year ended June 2012.

"In addition, the 173 units double-storey terrace houses will be launched soon and together with the double-storey semi-detached houses, will contribute significantly to Hunza's property development segment revenue and profit in FY13," he said.

On Hunza's Bayan Baru land, Khor said some 700 low-cost units would be built for the affected squatters in the next two to three months before development begins by end-2014 or early 2015.

He said the land in Bayan Baru was more than four times the size of Gurney Paragon land and Hunza was planning to develop the area into a multi-billion ringgit integrated development which would transform Penang into an international city.

"We expect the Gurney Paragon project will firmly put Hunza in Penang's development spotlight while the Bayan Baru project will thrust the group on the national level," Khor added. - Bernama

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