Property developer Hunza Properties Bhd 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." - By Melissa Darlyne Chow (Business Times)
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