Hunza launching properties worth RM310mil


  • Business
  • Saturday, 15 Mar 2003

BY DAVID TAN IN PENANG

HUNZA Properties Bhd is launching 2,025 units of residential and commercial properties with a gross sales value of RM310mil in the northern region this year. 

Its group executive chairman Datuk Khor Teng Tong told StarBiz that 1,004 terrace and semi-detached houses and condo-villas on 100 acres in Bertam, Kepala Batas would be launched in two months' time. 

“These units form the second phase of the Bandar Bertam Putra project launched in 2001,” he said, adding that the second phase was scheduled for completion in 2004.  

Prices for the properties start from RM108,000 for single-storey houses to RM280,000 for a semi-detached house. 

Khor said the first phase comprising 1,321 terrace houses launched in early 2001 was almost sold out and should be completed in July. 

“Our properties in Bertam sold fast because of the government plan to develop the township into an education hub for the northern region. 

Datuk Khor Teng Tong

“The Mara Junior Science College will be constructed soon. Then there is also a plan to develop a RM40mil multi-discipline boarding school project,” he said, adding that the township also had a matriculation college and a community college. 

According to Khor, the group would kick off the development of 750 low-cost terrace, single-storey terrace, and double-storey terrace houses on 100 acres in Sungai Petani in September. 

“The project, called Taman Damai Bayu, has a gross sales value of RM40mil,” he said, adding that the properties would be priced from RM35,000 for the low-cost houses, RM60,000 for the single-storey terrace, and RM100,000 for the double-storey terrace houses. 

Khor said the properties were scheduled for completion within a 17-month period. 

According to Khor, the group would launch a 20-storey block of 300 high-end condominiums, and a gated community project comprising 40 condo-villas, 128 terrace houses, and eight bungalows in Tanjung Bungah in October. 

“The project, yet to be named, has a gross sales value of approximately RM140mil. The selling price for the condominiums starts from RM220,000, while the landed properties are competitively priced from RM250,000 onwards,” he said. 

For the first six months ended Dec 31, 2002, the group posted RM40.213mil in revenue, compared with RM10.266mil in the previous corresponding period. 

Pre-tax profit achieved stood at RM8.239mil, up 830% from the RM989,000 registered in the same period previously. 

Khor said the group was able to achieve sterling results despite the soft property market owing to its 25-year record in building homes. 

“We build affordable homes and make prompt delivery as we are able to complete our projects ahead of schedule.  

“Although we experienced two recessions, we have never delayed the completion of our projects,” he added. 

Khor added that the group had recently introduced a Hunza Golden Plan, an investment policy for purchasers of its newly launched properties in the northern region. 

Buyers of its new properties, he said, would be given the opportunity to take up the plan at zero cost. 

“Our goal is to make purchasers aware that when they buy our properties, they are also given an investment plan free of charge,” he said. 

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