HUNZA Properties is undertaking 1 billion ringgit (Bt8.4 billion) worth of projects in strategic locations on Penang island and in Seberang Prai, where the value of properties has risen steadily for the past five to six years.
The projects under construction are the 600 million ringgit Alila 2 in Tanjung Bungah and the 400 million ringgit Mekarsari landed property project in Bertam.
Managing director Khor Siang Gin said the group’s projects were always located in strategic or prime locations providing strong support for property values.
In Bertam, where the group has recently launched the Mekarsari project, the sub-sale price of a single-storey, terraced house is now 240,000 ringgit compared to about 130,000 ringgit in 2010.
Properties in Bertam have appreciated in value because it is a growing township with key government offices, education institutions, a golf course and an automobile hub in place.
In Tanjung Bungah, the first phase of the Alila condominium with built-up areas of 1,350-3,130 square feet is now selling for 612 ringgit per square foot (psf) compared to 332 ringgit psf in 2009, which is an increase of 84 per cent.
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 1.2 hectares of untouched hill land, which has been allocated as open space for recreational activities within the development.
“We spent about 12 million ringgit to landscape the project,” he said.
Like its other luxurious lifestyle 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 per cent sold, is scheduled for completion end of 2017,” he said.
For Mekarsari, Hunza is introducing 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,” he said.
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 per cent of the units for the first phase of Mekarsari.
Hunza is also working on its Penang International Commercial City project in Bayan Baru.
“It will have a total development of 16 million square feet.
“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 100 million ringgit 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 said.
Besides its property development business, Hunza is also deriving long-term recurring income from Gurney Paragon, comprising a shopping mall, office tower and two towers of luxurious lifestyle 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 up their first stores in Penang,” he said.