Hunza – developing Penang for the future
DATUK Khor Siang Gin, Hunza Properties Berhad (HPB) managing director, is focused and clear about what he wants for the future of the company and Penang.
Before settling down for an interview with theSun, Khor spoke to a board member briefly on the importance of highlighting HPB’s next big project – the Penang International Commercial City (PICC) and his vision for Penang.
“Looking forward, my focus will be on the PICC, which is located in Bayan Baru.
“The integrated development will involve three phases and encompass a massive 9.4 million square feet,” Khor informed.
He said the name PICC was approved by the state government.
The development project will include the building of some 3,000 units of affordable houses, which will be built throughout all the three different phases.
Spurred by the state government’s efforts in making Penang an international and smart city, HPB, with the same intent, has scheduled for commencement of work on the project to start in 2017.
Sharing how proud he is in the way HPB has tended to the squatter issue in Bayan Baru and solved it amicably, Khor expressed his excitement in beginning work on the PICC, which he says is going to be an iconic landmark for the state way beyond 2020.
The PICC is an integrated development which will include a commercial component offering retail shops, hotels, a private hospital, business process outsourcing (BPO) offices, as well as educational institutions.
The modern integrated city will feature some big brand names, hotels included, of which Khor preferred to keep mum of at this time, saying “it will be announced at a special and specific time”.
At some RM8 billion in gross development value (GDV), the PICC is slated for completion in about five years from the time work starts.
Once launched, the property will be marketed by HPB using modern sales concepts and marketing strategies.
Humble, yet determined like his father Datuk Seri Khor Teng Tong, Khor Jr said that HPB will be more than just selling houses.
“It will be selling concepts. The PICC will come as a platform to showcase HPB’s modern concept communicating a place for leisure, work, a place of dwelling that is also facilitated with a medical centre, which is crucial,” he said.
On the recent launch of Alila 2 in Tanjung Bungah, Khor said the condominium project boasts a green and ecological environment with enchanting landscapes surrounding two towers, located on 9.8 acres of undulating land where Alila Homes was first launched by HPB.
Alila 2, situated within the spacious parcel, is set to be completed by the end of next year.
The selling point of this second project is its low density, with only 270 units built across an extensive area.
The project also bears an auspicious character offering good feng shui apart from five-star indoor and outdoor facilities.
It was learnt that the greenery within Alila Homes itself commanded massive expenses, totalling some RM12 million.
“It is quite difficult and unlikely for one to find another property like Alila 2,” said Khor, especially since the project carries a GDV tag of RM600 million.
To date, 40% of Alila 2 has been sold.
Currently waiting for the project to be Green Building Index (GBI) certified, HPB is at the same time working on another new project called Mekarsari, situated opposite Bandar Putra Bertam, which sits on a 32ha plot and will offer nearly 1,000 homes on completion.
Development will run in multiple phases with the first offering 253 single-storey semidetached houses and single-storey zero-lot bungalows, informs Khor.
He said phase 1 of Mekarsari has a GDV of RM112 million.
The project recently launched in September this year is expected to be completed by the end of 2018. Prices for semi-detached units will start from RM411,000 while zero-lot bungalows will come with a tag of between RM450,000 and RM500,000.
Groundwork for this project has already begun in mid June this year.
HPB aims to sell 70% of the units within the first six months of the launch.
With all these projects to keep HPB and Khor busy, the focused and formidable managing director is all excited and on leading the company into its next chapter as the developer responsible in forming Penang’s future landscape.
Exterior of Alila 2 in Tanjung Bungah.