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Old November 29th, 2009, 05:54 PM   #1
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PENANG | Gurney Paragon Development News

Penang



Penang raises density for property development
August 26th, 2009 By DAVID TAN

GEORGE TOWN: The state government has raised the density for property development in Penang, which will bring down land cost and stabilise property prices, said Hunza Properties Bhd executive chairman Datuk Khor Teng Tong.

“The state government recently decided to increase the density to 280,000 sq ft in built-up area from 90,000 sq ft per 100,000 sq ft of land.The decision to increase density will allow developers to build more, hence giving consumers more choices.

“It will also help arrest the escalation of property prices over the next few years,” he said at a company briefing for the media, analysts and bankers.

On the group’s projects on the island, Khor said Hunza would finalise the design plans for a “green” apartment building project on a 4ha site soon.

The apartments would have built-up areas ranging between 1,300 and 1,800 sq ft

The project was expected to contribute strongly to the bottom line of the group for the financial years ending 2011 and 2012, Khor said.

On the Gurney Paragon project, Khor said the designs and plans for the shopping mall had been finalised and submitted to the relevant authorities for approval.

“We hope to start work by early 2010,” he said.

The seven-storey shopping mall will have a gross built-up area of 1 million sq ft, of which 650,000 to 700,000 sq ft would be lettable.

On the property market in Penang, Khor said property was currently in short supply.

“The shortage of supply is mainly due to a slowdown by developers. Not many new housing projects have started in the past one year.

“Furthermore, work on projects in the state has to stop at 6pm, which will delay the delivery of units, resulting in lower supply and the increase of property prices,” he said, adding that the local authorities needed to speed up approvals for new housing projects to meet market demand.

For the fiscal year ended June 30 (FY09), the group posted RM27.6mil net profit on revenue of RM91.8mil compared with RM48.4mil and RM245mil respectively in FY08.
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Old November 29th, 2009, 05:55 PM   #2
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Gurney Paragon, Penang, Malaysia



Beautiful Penang is an island city of rich historic buildings, colorful festivals, picturesque mountainranges, a majestic modern bridge and a scenic seaside promenade. Gurney Paragon is where the experience from nostalgia escalades to great aspirations. Welcome to a new and dynamic lifestyle where we Admire, Live, and Aspire! We see two towers and the glimpse of the Hunza experience beneath it. The lower levels of the towers are alive with coffee shops, a bakery, curio shops and service retails fronting the development's own promenade. We walk into a bigger courtyard where stands before us, the historic Saint Joseph School. The restored and the adaptively re-used building is the jewel of the development. Behind it is a dramatic backdrop, the development's great spectacle, the majestic view of the Gurney Paragon. The sight of Nostalgia keeps us grounded. We acknowlege our beginnings while the vision of the future lifts us up, inspiring and moving us to life's greater heights.
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Old November 29th, 2009, 05:56 PM   #3
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Green project on Hunza's drawing board
By Melissa Darlyne Chow
Published: 2009/09/02



PROPERTY developer Hunza Properties Bhd (5018) will embark on a green concept residential development project in Tanjung Bungah, Penang.

Its executive chairman Datuk Khor Teng Tong said the project is a joint venture with another company and is currently in the planning stages.

"The designs and concept of the project will be finalised soon. Once finalised, the plans will be submitted to the relevant authorities for approval," he told reporters in Penang recently.

The development will look at energy-saving, minimisation of sun's rays and a reduction in construction waste.
Khor said the project will be targeted at local buyers.

"We are looking into between 1,300 sq ft and 1,800 sq ft in build-up area for each (residential) unit," he added.

Khor said the decision by the Penang state government to increase the density of housing projects on the island will help bring the cost of land down, stabilise property prices and give consumers more choices.

He said the increase in density was timely as property prices are expected to escalate in two years.

Another project the developer will embark on is the RM420 million Gurney Paragon shopping mall, with a gross built-up area of 1 million sq ft and 700,000 sq ft of lettable area.

Khor said the designs and plans for the seven-storey shopping mall have been finalised and submitted to the relevant authorities for approval.

"We hope to start work by year-end or early next year," he said.


On the outlook of Penang's property market, Khor said the state is currently short on supply of residential properties, although demand for housing is rising.

"The shortage of supply is mainly due to a (development) slowdown by developers. Not many new housing projects have been launched in the past one year."
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Old November 29th, 2009, 05:59 PM   #4
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From Malaysian forum

image hosted on flickr


image hosted on flickr


image hosted on flickr
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Old January 21st, 2010, 07:52 PM   #5
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Hunza wants foreign retailer as anchor tenant of Gurney Paragon
By Marina Emmanuel Published: 2010/01/22



HUNZA Properties Bhd (HPB) (5018) plans to attract an international retailer to be an anchor tenant at its RM400 million Gurney Paragon shopping mall in Penang, which is slated to open in two years.

Its executive chairman Datuk Khor Teng Tong said apart from creating between 3,000 and 4,000 new jobs in Penang when the mall opens, plans are in place to bring in new names to the state's retail scene.

"These will be old and well-loved international brands, which are not yet in Penang but already in Kuala Lumpur," he told Business Times.

The eight-storey mall is one component of Hunza's Gurney Paragon development, which is located in George Town where the historical and sea-fronting St Joseph's Novitiate was once located .
The 84 year-old French style building, which served as a novitiate for the Christian brothers and sits on a 4.08ha freehold site, was purchased by HPB from the Federation of Malaya of the Christian Brothers' Schools for RM97 million.

Apart from the shopping mall, an office block and 220 units of high-end condominiums form part of the development as well.

With a gross built-up area of 2 million sq ft, the mall will have a net lettable area of 700,000 sq ft and is expected to fetch a rental rate of around RM6.50 per sq ft.

Asked if the mall is up for sale, Khor said: "Our plan is to own the mall as a long-term investment."

He also did not discount the possibility of a real estate investment trust for the mall later as an option.

On HPB's proposed "Alila 2" project in Tanjung Bungah, Khor said the RM250 million high-end residential project is looking to obtain the Green Building Index certification.

"The layout plans have been submitted and we hope to break ground by the end of 2011." Khor said
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Old May 9th, 2010, 05:33 PM   #6
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Paragon Mall
Quote:
Originally Posted by ps5 View Post
Paragon Mall

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Old June 1st, 2010, 07:12 AM   #7
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New mall opens 2012
By DAVID TAN
http://thestar.com.my/metro/story.as...8399&sec=North



HUNZA Properties Bhd’s RM400mil Gurney Paragon shopping mall in Penang will be ready in 2012.

Group executive chairman Datuk Khor Teng Tong said they had engaged the London-based DTZ group to provide consultancy to Gurney Paragon.

DTZ was also the consultant for the KLCC shopping mall in Kuala Lumpur.
Another place to hang out: An artist's impression of the RM400mil Gurney Paragon shopping mall in Penang.

“We plan to lease out 400 retail lots in the mall which has approximately one million sq ft in built-up area and about 700,000sq ft of rentable area,” he said.

He said Gurney Paragon’s East and West Towers condominium project would be completed next year.

Khor said this after handing the keys to the buyers of its luxurious condominium project — Infinity — in Tanjung Bungah.

He said the group spent about RM900,000 for a crib-wall to reinforce and beautify Sungai Kelian that flows through the Infinity project.

“Effective micro-organism mud balls were thrown into the river to clean it up,” he said, adding that some 30,000 mud balls were thrown into the river, and about RM30,000 was spent on the exercise.

Khor said the group had sold about 80% or over RM200mil of the Infinity project, which had a gross sales value of about RM250mil.

“About 60% of the buyers are foreigners,” he said.

The Infinity condominium has 119 units with built-up areas ranging between 3,800sq ft to 11,000sq ft, priced between RM1.8mil to RM6.5mil.

“There are four three-plex penthouses, each with its private pool,” he added.
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Old June 1st, 2010, 07:58 AM   #8
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400 retailers in 700 000 sq ft??

Won't be much in terms of a department store or large format retailers then
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