PENANG: Hunza Properties Bhd expects the Ninth Malaysia Plan to spur demand for affordable housing.
Executive chairman Datuk Khor Teng Tong told a press conference that the implementation of the plan would create additional job opportunities.
“This would, in turn, lead to higher demand for affordable housing, especially for low- and low-medium-cost properties,” he said recently.
In anticipation of increased demand for affordable housing, the group has submitted to the local authorities plans to develop such housing schemes on a 150-acre in Bertam, Kepala Batas.
“We plan to develop over 2,000 units of medium- and low-cost housing in Bertam,” he said.
Khor said property prices in Penang were currently the fourth highest in the country, after Kuala Lumpur, Selangor and Sabah.
“The price of an average residential property in KL is about RM300,000.
“In Selangor and Sabah, a similar property would be priced at RM260,000 and RM200,000 respectively while in Penang, it would be about RM180,000,” he said.
For the fiscal year to June 30, the group posted RM19.8mil in net profit on RM117mil turnover, compared with RM16.4mil and RM112mil respectively in the preceding year.
Khor said the group proposed to pay a first and final dividend of 7.5 sen for the 2006 financial year.