HOUSING developer Hunza Properties Kedah Sdn Bhd (HPK), a subsidiary of Hunza Properties Bhd, is teaming up with American International Assurance Co (AIA) to build 550 bungalows in Sungai Petani, Kedah, under its new Hunza Golden Plan package.
The investment-linked policy, which promises a potential cash return of up to 100% of the purchase price of the Bukit Bayu bungalows at the end of a fixed tenure of 37 years, is fully funded by Hunza.
Hunza chairman Datuk Khor Teng Tong said the bungalows would be developed under three zones and 232 units under zone A were under construction for completion by June while the remaining units would be built within three years.
This is the first project of its kind in the northern region where purchasers will get 100% cash return after 37 years. At the end of the day they get two assets at the price of one, he said.
Khor said after the recent official launching of the Hunza Golden Plan by Deputy Home Minister Datuk Chor Chee Heung in Sungai Petani that under the novel plan the two assets, the policy and the property, were independent where the policy would still belong to the owner even if the property was sold.
Available in four designs and priced be-tween RM195,000 and RM500,000, Bukit Bayu bungalows are part of the housing properties spanning 234ha that Hunza has planned for Sungai Petani.
With a development cost of more than RM300mil, Hunza's project is being developed in four phases, of which phase I comprising 1,030 residential units was completed in 2001.
Phase II comprises the Bukit Bayu bungalow units, phase III covers 1,800 low- and medium-cost units for which construction is expected to begin in September and phase IV is under market study for future development.
Khor said that among the companys pro- posed new ventures was the RM300mil housing project in Tanjung Bungah, Penang, which included 300 condominiums, 160 town houses and 8 bungalows to be launched by year-end.