GEORGE TOWN: Hunza Properties Bhd will submit plans to the local authorities next year for a mixed-development project in Bayan Baru with a gross development value (GDV) of RM6bil to RM7bil.

Executive chairman Datuk Khor Teng Tong told a press conference after the company’s AGM that the group had engaged a couple of architects from Singapore to draw a master plan for the project sited on over 16.2ha, opposite the Bukit Jambul Complex.

Khor said the group had just acquired 2ha for the development of 1,000 units of low-cost homes for the households currently occupying the over 16.2ha site.

“We have initiated steps to obtain approval from the local authorities to develop the low-cost homes. Once the approval is obtained, it will take about 18 months to complete the low-cost project,” he said.

On the Gurney Paragon Mall, Khor said the second phase of the project would be completed next year-end and would open in March 2013. The second phase, comprising the corporate headquarters and shopping mall, was now 50% completed.

“The first phase has been completed with certificate of fitness obtained,” Khor said.

SOURCE: The Star