Hunza Properties optimistic of FY13 earnings

GEORGE TOWN: Hunza Properties Bhd (HPB) is optimistic of its profitability in the financial year ending June 30, 2013 amidst gain on valuation of Gurney Paragon. Its executive chairman Datuk Khor Teng Tong said the group will focus on the construction and tenanting of Gurney Paragon phase two retail mall and office tower.

Speaking at a media briefing here on Aug 29, he said rental income from retail business at the retail podium and St Joseph's Novitiate (St Jo's) heritage building are the new streams of recurring income, which started in the first half of fiscal 2012.

"The revenue contribution to Hunza will increase significantly upon completion and operation of Gurney Paragon phase two retail mall and office tower in the near future," Khor said.

Located along Gurney Drive, the iconic development is sited on a 4.08-hectare freehold land and is expected to be completed by the second quarter or early third quarter next year.

The integrated development comprised two blocks of high-end condominiums, an office block, St Jo's, three-storey podium retail lots and a shopping mall with about one million sq ft of retail space. Khor said about 57 per cent of the retail space has been rented and the mall is attracting several retailers' interest from Singapore and Kuala Lumpur to establish their business at the premise.

He said Hunza will also focus on selling the remaining completed condominium units at Gurney Paragon with prices at higher level as well as marketing and constructing phase three of double-storey semi-detached and terrace houses in Bandar Putra Bertam.

On the company's land in Bayan Baru, Khor said it expects to relocate an estimated 800 squatter households by 2014 before starting on plans to develop the land into a multi-billion integrated development.

"We expect the Gurney Paragon project to firmly put us in Penang's development spotlight, while the Bayan Baru project will thrust Hunza to the national level," he added.-- Bernama

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