HUNZA Properties Bhd is undertaking RM1bil worth of projects in strategic locations on the island and in Seberang Prai, where the value of properties has risen steadily for the past five to six years.
The projects now under construction are the RM600mil Alila 2 in Tanjung Bungah, and the RM400mil Mekarsari landed property project in Bertam.
Group managing director Datuk Khor Siang Gin said the group’s projects were always located in strategic or prime locations that would provide strong support for the values of properties.
In Bertam, where the group has recently launched the RM400mil Mekarsari project, the sub-sale price of a single-storey terraced house is now RM240,000 compared to about RM130,000 in 2010.
Khor said the value of properties in Bertam has appreciated because it is a growing township with key government offices, education institutions, a golf course, and an automotive hub in place.
In Tanjung Bungah, the first phase of the Alila condominiums with built-up areas between 1,350sq ft and 3,130sq ft is now selling for RM612 per sq ft (psf) compared to RM332psf in 2009, which is an increase of 84%.
Location is only one of the hallmarks of Hunza’s projects.
“Our group does not hold back spending to create green spaces.
“In Alila 2, for example, there is 1.2ha of untouched hill land, which has been allocated as open space for recreational activities within the development.
“We spent about RM12mil to landscape the project,” he said.
Like its other luxurious life-style projects on the island, Alila 2’s key selling point is low-density.
“There are only two blocks of condominiums with a total of 270 units. Alila 2, now over 40% sold, is scheduled for completion end of 2017,” Khor said.
For Mekarsari, Hunza is introducing the single-storey zero-lot bungalows for spacious living.
Zero-lot bungalows are built on the boundary line of the land, which are seamlessly connected to the external environment on three sides of the house.
“This unique design allows the owner to enjoy optimised views, great ventilation, natural lighting, and absolute privacy.
“The living and dining rooms are surrounded by mini-gardens, with huge windows and sliding doors to create a nature-inspired living environment and a comfortable, relaxing space for the whole family,” Khor added.
The first phase of Mekarsari, comprising 253 houses, offers an exciting mixture of single storey semi-detached houses and single storey zero-lot bungalows.
Hunza has sold more than 20% of the units for the first phase of Mekarsari.
Hunza is also working on its Penang International Commercial City (PICC) project in Bayan Baru.
“It will have a total development of 16 million sq ft.
“We will build, own, manage and lease out the commercial components of the project, such as the retail lots, hotels, hospital, offices and educational institutions.
“We have spent more than RM100mil this year to relocate and compensate 820 squatters to Bukit Nyaman in Bayan Lepas, a recently completed low-cost housing scheme of 690 units,” he adds.
Besides its property development business, Hunza is also deriving long-term recurring income from Gurney Paragon comprising a shopping mall, an office tower, and two towers of luxurious life-style condominiums.
“The Gurney Paragon is built around the restored St Joseph’s Novitiate, a heritage building converted into a unique cultural experience. Completed in 2013, it houses more than 200 tenants, with more than 50 international brands setting their first stores in Penang,” he says.
St Joseph’s Novitiate has won the 2013 Gold Award of Special Merit from The Association of Consulting Engineers Malaysia (ACEM), and from FIABCI Malaysia the Malaysia Property Award 2013 in the heritage category.
In 2014, the chapel was the World Silver Winner for FIABCI World Prix d’Excellence Award 2014 in the heritage category.
Khor, who is FIABCI Penang chairman, recently received the D.SP.N. award, which carries the title Datuk, in conjunction with the 78th birthday of the Yang Dipertua Negeri, Tun Abdul Rahman Abbas.
The award was given in recognition for Khor’s charitable and corporate social responsibility activities.
Hunza is also known for its luxurious life-style condominium project, Infinity in Tanjung Bungah.
Infinity signifies an important milestone in the group’s progress, as it ventured into high-end property development.
The Infinity project received from FIABCI Malaysia the Malaysia Property Award 2011 in the high-rise category.
It is also known for its Alila Homes and Alila Horizon projects in Tanjung Bungah, comprising landed and high-rise properties.