Hunza engages British consultant for project

Hunza engages British consultant for project
Digg this story Add to your del.icio.us account

By DAVID TAN

PENANG: Hunza Properties Bhd has engaged a well known British property consultant and a local research house to advise on its Gurney Paragon project in Kelawei Road.

Executive chairman Datuk Khor Teng Tong told a press conference a local research company was now compiling all the necessary data for the British company.

“The report, about 80% done, contains information on the income and purchasing patterns of those staying in the Pulau Tikus neighbourhood, covering Kelawei Road, Gurney Drive, Cantonment Road and Burma Road.

“The property consultant will then recommend the kind of retail and food and beverage tenants we should bring in for the shopping mall,” he said.

He said once construction commenced next year, it would take about 22 months to complete.

On the Gurney Paragon and Infiniti condominiums (in Tanjung Bungah), Khor said Hunza had generated about RM80mil from unit sales in the two projects.

“Construction has started for both projects and scheduled for completion in about 36 months,” he said.

For the year ended June 30,2007, Hunza posted RM39mil in net profit on RM60mil in revenue, compared with RM19.8mil and RM34.8mil respectively in the previous year.

Khor said the group proposed a rights issue with warrants which entailed the issuance of up to 39.4 million rights shares on the basis of one new share for every four shares held together with up to 39.4 million warrants on a basis of one free warrant for every right share subscribed.

“The rationale for issuing new shares is to raise funds for the group’s on-going projects. The proposed exercise will be completed in early 2008,” he said.