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Old November 27th, 2007, 05:14 AM   #21
nazrey
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Old December 13th, 2007, 05:20 AM   #22
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GURNEY PARAGON
Gurney Drive. Penang. Malaysia.



Gurney Paragon is the latest exquisite upmarket luxury condominium project development to be launched. Sited in prime Gurney Drive, the heartbeat of the city, with an abundance of amenities offering modern day city living & conveniences at its best. Gurney Paragon features a spacious built up area of approximately 2,829 - 4,600 square feet. Each unit offers unending sea breezes and superb sunset view which makes living in Gurney Paragon a delight. An enviable location. A place to reside in the heart of the city.

totally one of my fav.....
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Old December 13th, 2007, 05:23 AM   #23
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Hunza: 'Gurney Paragon' records 40pc bookings
13/12/07

By Marina Emmanual
NST

HUNZA Properties Bhd had recorded over 40 per cent bookings for its high-end condominiums at the "Gurney Paragon" project on Penang island.

The company's executive chairman, Datuk Khor Teng Tong, yesterday said the buyers for the units which are priced from RM1.6 million to RM2.9 million are made up of both locals and foreigners.

Piling works have just been completed for the 220 condominium units which carry a gross development value of RM380 million," he told reporters after the company's annual shareholders meeting in Penang.

Khor also said the company is investing RM10 million to refurbish a heritage building at the project site.

The historical St Joseph's Novitiate building which fronts the famed Gurney Drive waterfront will see its stained glass windows, doorknobs and other old fixtures restored, he added.

We are also taking preventive measures to ensure the safety of the 82-year-old building during the construction of the two condominium towers which will frame the building," he added.

The 82-year-old French style building which served as a novitiate for the Christian brothers sits on a 4.08ha freehold site. It was purchased by Hunza Properties from the Federation of Malaya of the Christian Brothers' Schools for RM97 million.

The "Gurney Paragon" project which will comprise a shopping mall, retail lots, 220 high-end condominiums and an office block is due for completion by the first quarter of 2010.

On the company's RM240 million "Infinity" beachfront project in Tanjung Bungah, Khor said foundation works have been completed.

The current take-up rate for the project is 37 per cent," he noted, "and close to half of the buyers are from countries like the UK, Singapore, Hong Kong and the Middle East.

The 119 units are priced between RM1.6 million and RM3.2 million and Hunza Properties has begun rehabilitating the nearby Sungai Kelian and carrying out landscape works for RM600,000.

We are adopting the stretch of beach fronting the project which we will maintain but will remain accessible to the public," Khor added.

For its 2007 financial year ending June 30, Hunza Properties recorded RM57.5 million in profit before tax. This reflects a 65.2 per cent increase from the RM34.81 million recorded in 2006.

Profit after tax for 2007 was RM39.24 million, a 98 per cent increase from the RM19.8 million recorded during the 2006 fiscal year.
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Old December 13th, 2007, 05:31 AM   #24
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Hunza plans upmarket mall in Penang
Wednesday October 17, 2007
By Chan Ching Thut




An artist's impression of Gurney Paragon

KUALA LUMPUR: Hunza Properties Bhd is planning an upmarket mall at its Gurney Paragon project that it hopes will usher in a new shopping experience for Penangites.

Sales and marketing manager Eric Seow said the mall, set to be one of the largest in Penang, would be lifestyle-oriented and cater to high-end brands.

Spread over seven storeys, the mall will offer about one million sq ft of retail space and more than 2,000 parking bays.

“We hope this shopping mall will introduce a whole new shopping experience to Penangites.

“In the past, a lot of brands would only go to Singapore or Kuala Lumpur. However, more regional brands are penetrating Penang and we are working towards that direction (in meeting shoppers' need for luxury brands),” he told StarBiz.

While population growth in Penang might be low, Seow said there was a growing new generation with the ability to spend.

“Now we see younger shoppers (in Penang) who are able to buy luxury items. This is good for brands targeting this group and Penang is a place for them to penetrate,” he added.

To realise its vision, Hunza has appointed the Philippines-based Cardiz International to undertake retail architecture of the mall.

Seow said Cardiz's experience in designing malls would ensure that Gurney Paragon mall stood out from its competitors.

Hunza would also appoint a retail consultant and has been in discussion with Britain-based DTZ.

The latter would advise in the mall's layout, shopping trends, tenancy mix and brands.

Seow was positive on the location of the shopping mall next to Gurney Plaza.

“The malls will complement each other. As shoppers want convenience, they will welcome the malls being side by side,” he said, adding that the company would find tenants different from those already operating in Gurney Plaza.

Seow said marketing activities to lease out the retail space would start early next year.

Gurney Paragon is a mixed integrated development comprising a shopping mall, two blocks of high-end condominiums and a heritage building spread over 10.21 acres of freehold land.

Located along Gurney Drive fronting the sea, the land was formerly occupied by Uplands International School. The company bought it in 2004 for RM97mil.

Gurney Paragon has a total gross development value of close to RM1bil.

Piling work for the development has begun and is scheduled to complete by 2010.
wow, Gurney Paragon! I'm so excited!
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Old January 10th, 2008, 05:04 PM   #25
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Update: U/C
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Old January 10th, 2008, 05:26 PM   #26
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another great project for Penang...
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Old January 11th, 2008, 04:53 AM   #27
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bang bang boom!
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Old February 21st, 2008, 05:00 PM   #28
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Hunza Prop sets sights on foreigners
By Marina Emmanuel
Published: 2008/02/20




The developer wants to promote the high-end 'Alila 2' residential project in Penang to buyers from Europe, Hong Kong, South Korea, Indonesia and Singapore

HUNZA Properties Bhd (Hunza) plans to launch a high-end residential project on Penang island in 2010 to capture demand from foreign buyers.

The new project, codenamed "Alila 2", is sited on a 4ha plot in Tanjung Bungah. It will be promoted to buyers in Europe, Hong Kong, South Korea, Indonesia and Singapore.

Hunza executive chairman Datuk Khor Teng Tong yesterday said the project, which is expected to carry a development value of between RM230 million and RM280 million, will be located next to its current "Alila" tropical-garden development.

It will be carried out with joint-venture partner Nilai Ariff Sdn Bhd.

"We want to continue with our strategy of tapping the strong international demand for iconic properties," he told a media briefing in Penang.

Alila 2 will comprise a mix of landed properties and condominiums and is likely to be more expensive than the existing project which is almost sold out.

It will also offer value-added services like concierge and limousines as part of the project.

Hunza's undeveloped landbank in Penang currently totals 200ha in Bertam in Seberang Prai.

"We are looking to expand our landbank in the Klang Valley now that our Mutiara Seputeh project is almost sold out. We want to continue maintaining our presence there," Khor said.

Hunza is likely to announce a land acquisition in the Klang Valley soon, he added.
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Old February 21st, 2008, 08:00 PM   #29
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interesting but the design looks so similar to the residences nearby. btw the cost of residences must very expensive especially the once which has sea view
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Old February 28th, 2008, 03:44 PM   #30
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Old March 25th, 2008, 04:15 PM   #31
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Gurney project in Penang may be reviewed
Tuesday March 25, 2008
TheStar

PENANG: The state government will review the billion-ringgit Gurney Paragon project if there are “justifiable grounds”.

Chief Minister Lim Guan Eng said the state government would get views from all quarters and welcomes any objection.

“We will revisit the projects approved by the previous administration and if necessary, review them if these projects are adversely affecting people’s lives.

“The concerns expressed to us by NGOs have been taken into account and we want certain procedures to be complied with, as should be the way the government works,” he said after a dialogue session with members of the Free Trade Zone Penang Companies’ Association yesterday.

Lim was responding to calls by the Penang Heritage Trust (PHT) and Bar Council Legal Aid Centre to review and hold an open hearing on the project.

PHT chairman Dr Choong Sim Poey had told a press conference the state government should reassess the planning permission procedures practised by the previous Penang Municipal Council.

Gurney Paragon is a mixed integrated development by Hunza Properties (Penang) Sdn Bhd comprising a shopping mall, two blocks of high-end condominiums and a heritage building spread over 4ha of freehold land.

Located along Gurney Drive fronting the sea, the land was formerly occupied by the Uplands International School. The company bought it in 2004 for RM97mil.

Gurney Paragon has a total gross development value of close to RM1bil.

Piling work for the development has begun and the project is scheduled to be completed by 2010.

Lim said the state welcomed any view or suggestion on projects that had been approved by the previous state government.
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Old April 5th, 2008, 08:27 AM   #32
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Will Penang’s property market continue to boom?
By THEAN LEE CHENG

A couple of weeks ago, the Penang state government created a stir when it said it would review the billion-ringgit Gurney Paragon project if there were “justifiable grounds”.

Chief Minister Lim Guan Eng said the state government would get views from all quarters and welcomes any objection.

“We will revisit the projects approved by the previous administration and if necessary, review them if these projects are adversely affecting people’s lives,” says Lim.





An artist impression of Gurney Paragon overlooking the Straits of Malacca.



Lim was responding to calls by the Penang Heritage Trust (PHT) and Bar Council Legal Aid Centre to review and hold an open hearing on the project.

Gurney Paragon is a mixed integrated development by Hunza Properties (Penang) Sdn Bhd comprising a mall, two blocks of high-end condominiums and a heritage building spread over 4ha of freehold land on Gurney Drive fronting the sea.

The land was formerly occupied by the Uplands International School.

The company bought it in 2004 for RM97mil.

For several years, Penang’s property market has drawn buyers from far and wide. Be it a holiday home for Malaysians or a retirement home for foreigners under Malaysia, My Second Home (MM2H), the island’s properties have exchanged hands at a premium compared with Kuala Lumpur’s prices.

E&O Property Development Bhd marketing and sales director K C Chong says comparing like with like, the land component in Penang is different from that of Kuala Lumpur.




Datuk Jerry Chan


For example, a KL gated development may be RM150 per sq ft compared with Penang’s RM250. E&O is developing Seri Tanjung Pinang, an upscale master planned water front development.

Because it is an island, land comes with a premium. And there is certainly demand for Penang properties.

Island living offers a heady blend of sun and surf with an option of city or quiet suburban lifestyle.

Although the island is only about 1,000 sq km, it offers a potpourri of all things that foreigners and locals enjoy.

Real Estate and Housing Developers’ Association (Penang) chairman Datuk Jerry Chan Fook Sing says Penang’s selling points in attracting foreign retirees include comfort, cuisine and affordability.

In some ways, this accounts for the various landed and high-rise condominiums coming up along the Tanjung Bungah stretch right up to the Spice Garden.

Developers are building along hill slopes, each offering the best view of the Straits of Malacca and the Andaman Sea.

Chan says foreigners purchase a third or more of properties that come up in popular tourist areas.

Developers who are aggressive with the MM2H programme reported the same percentage of foreigner buyers.

“A third to 35% is not the norm generally. But by and large, locals and Malaysians working aboard account for a large number of Penang property buyers,” says Chan.

Among the most popular locations among foreigners include Tanjung Bungah, Pulau Tikus area and Gurney Drive.

Most of these projects are launched in Hong Kong, Singapore, Britain and the Middle East besides locally.

It is against this popular demand, growing affluence of Penangites, a shortage of upscale lifestyle products and the growing medical tourism offered by the island that Klang Valley-based developers like IJM Corp Bhd, S P Setia Bhd, Bolton Bhd, Malton Bhd and E&O Property Development have moved north to compete with the likes of Penang’s big boys like Hunza, Oriental group, Naluri Corp Bhd and Ivory Properties group, PDC Properties Sdn Bhd.

And because of the shortage of land and burgeoning demand, several have gone into land reclamation.

These include the E&O group, IJM, PDC and CP Land.

Nevertheless, the operating environment today has come under scrutiny, with the change in state government, coupled with the global turmoil originating from the US, developers in the country as a whole may find it increasingly difficult.

Various factors ranging from rising competition, concern over sustainability of demand by foreign purchasers, rising construction costs, inflation and a global economic slowdown as well as potential oversupply are reasons for concern.

A research report by ECM Libra on the country’s overall property sector says the onslaught of negative sentiments of late has to certain extent negated the positive impact of catalytic initiatives introduced by the government since late 2006.

Sharp correction of the stock market has caused enormous wealth evaporating into the thin air.

“This will put a dent on consumer confidence and sentiment. Huge capital investment such as the purchase of new homes may be put off for the time being.

“Demand for properties by foreigners may also wane in the coming months due to the uncertain landscape as well as the debilitating global financial market,” the report says.

The report says developers in the states of Selangor, Penang, Perak and Kedah may face potential delay in procuring planning approval for new projects post-general election due to teething problem arising from the change of state administration involving state executive councillors as well as municipal councillors.

On a more positive note, Penang-based Michael Geh, director of property consultancy at Raine & Home International Zaki + Partners is of the view that those who need to buy homes will continue to buy.

“Life goes on. Those who constantly invest will pick and choose the best and sideline the average offerings.

“For those on MM2H programme, surveys taken by expatriate magazines shows that Penang rates very high as a favourite destination. Kota Kinabalu is favoured for its beachfront lifestyle living while the Middle Easterns like the KLCC precinct.

“It is our world class local food, friendly locals who speak English and a less hectic lifestyle that are bringing foreigners here to Penang,” says Geh.

Rehda Penang chief Datuk Jerry Chan says the new state government has reassured him that it will want to expedite things and be more transparent, which bodes well for the business community.

“What happened in Penang, and in the states of Selangor, Perak and Kedah, is quite drastic. And in any situation of such magnitude, it is only natural to pause. But in the long term, we will want to give the new government a chance.

“They have not said anything that is business adverse. As for the Hunza’s Paragon on Gurney, that is a mega job and it is only natural that mega jobs such as these, which impact people in different ways, be given a relook,” says Chan, who is also the managing director of Asas Dunia Bhd.
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Old April 15th, 2008, 08:14 AM   #33
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Gurney Paragon set to be Penang iconic landmark
By Marina Emmanuel
Published: 2008/04/15




THE Gurney Paragon, a project by Hunza Properties Bhd, may boost the property value of the Pulau Tikus area on Penang island, its developer said.

Hunza is set to become Penang's first developer to include a heritage building in its development of a shopping mall, swanky condominiums and an office block.

"We believe that the success of this project will help us form the next iconic landmark for Penang," executive chairman Datuk Khor Teng Tong told a media briefing in Penang yesterday.

The project, which carries a gross development value of over RM1.2 billion and fronts the island's famed Gurney Drive promenade, also boasts a dual frontage with Jalan Kelawei.

Once completed by 2010, the project is due to create an estimated 3,000 to 4,000 jobs, Khor said.

Hunza is conserving the 92-year-old St Joseph's Novitiate Building and its chapel.

A nearby shrine - known as the National Shrine of the Boy Jesus - found in the grounds of the project site is set to be dismantled, salvaged and rebuilt at a new location within the site, Khor said.

"Hunza has budgeted RM10 million for the purpose of restoring St Joseph's Novitiate," he added, "and it is our plan to open the heritage building as well as the 60,000 sq ft open space fronting the novitiate to the public".

"Our business model," Khor noted, "will be similar to that of Singapore's CHIJmes (Convent of the Holy Infant Jesus) which was previously a school and now a real hot, hopping and happening place."

Universiti Sains Malaysia lecturer and built heritage expert Associate Professor Dr A. Ghafar Ahmad who is advising Hunza on the conservation said a Dilapidation Survey Report on the status of the heritage building was submitted to the Penang Island Municipal Council last year.

"The heritage building is basically in good condition and we intend to retain about 70 per cent of its original materials," he added.

Conservation works will start next year and will take about 18 months to complete.
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Old April 22nd, 2008, 04:38 PM   #34
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Old May 16th, 2008, 01:46 PM   #35
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Penang urged to review RM1.2b Gurney project
By : Audrey Dermawan


GEORGE TOWN: The Penang Heritage Trust (PHT) has reiterated its call to the new state government to urgently review the controversial RM1.2 billion Gurney Paragon project at Gurney Drive.

Critics of the massive commercial development project believe that it will have a negative impact on the area, with PHT president Dr Choong Sim Poey claiming that Gurney Paragon had been approved by the Penang Island Municipal Council in bad faith.

Dr Choong claimed that the project managed to gain the council's approval in spite of satisfying only the minimal requirements of the Town and Country Planning Act 1976, and challenged the council to defend its actions.

He also slammed the previous administration's handling of the matter. He added that he wrote to chief minister Lim Guan Eng and state Local Government Committee chairman Chow Kon Yeow on the matter last month, but has yet to receive any reply.

"I am left with no choice but to raise the matter in the court of public opinion. I want the people to judge for themselves the council's actions.

"It is PHT's hope that the new state government will urgently review the whole project in the interest of the people," he told reporters at PHT's office here yesterday.

Dr Choong said he had information on why the council granted the developer, Hunza Properties (Penang) Sdn Bhd, the approval in December 2006.

He said PHT had obtained private and confidential documents on the project when it assisted an affected resident who had wanted to bring the matter to the Appeals Board last year.

However, as the resident has since retracted his case, PHT was left with no choice but to make details of the approval public, he said.

"We are talking about a development which is two-and-a-half times the size of the Komtar complex."

When it granted the approval, the council had maintained that its objective in city planning was to improve the quality of life for islanders while ensuring sustainable development.

The council had also declared that it had never acted for the benefit of the developer only and maintained that it had met the requirement of the Act to conduct a public hearing.

As for concerns voiced by some quarters that the project will exacerbate the area's traffic situation, the council reasoned that traffic congestion in Gurney Drive can be overcome with the implementation of the Penang Outer Ring Road and the imposition of a mass transit system, presumably the light monorail transit system.

"But I want to stress here that the Finance Ministry had recently announced that neither of the projects has reached the approval stage. Can a major building development be given approval based on proposed traffic infrastructure which have not even reached approval stage?" he said.

In short, Dr Choong claimed that the massive development project would be an unmitigated disaster for George Town.

The Gurney Paragon project consists of two 43-storey service apartment towers, a 37-storey business tower and other commercial buildings.

Piling work started at the project site towards the end of last year.
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Old August 8th, 2008, 12:49 PM   #36
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by lspeng

image hosted on flickr


image hosted on flickr
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Old August 9th, 2008, 08:49 PM   #37
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by Mr & Mrs Stickyfingers

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Old September 17th, 2008, 04:37 PM   #38
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whats the progress ah....still in review or gonna progress well.....
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Old October 2nd, 2008, 04:25 AM   #39
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It's in progressing well indeed!
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Old October 2nd, 2008, 04:25 AM   #40
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