50% Gurney Paragon Condo buyers are foreigners

Fifty percent of the high-end Gurney Paragon Residences condominium purchasers are foreigners, according to Hunza Properties Berhad (HPB) executive chairman Datuk Khor Teng Tong.

He said the buyers were mainly from Singapore, Hong Kong, Indonesia, China, Pakistan, Vietnam, Britain and Russia.

“We have sold about 140 of the 220 units in twin 43-storey towers.

“The condominium project with a gross development value of RM450mil is expected to be completed by April next year,” he said.

He was speaking to reporters after the group’s annual general meeting at a hotel in Penang last Thursday.

Khor said Gurney Paragon was set to be a landmark integrating residential, commercial and cultural heritage components on prime freehold land fronting Gurney Drive.

He noted that the overall development project was expected to be completed by May or June in 2012, and tenants were expected to come in by September or October that year.

Khor said the group had grown from strength to strength, with its capability to develop high-end luxurious housing projects for the international market.

He said Infinity Beachfront Super Condominium, a five-star beachfront project in Tanjung Bungah, also served as a benchmark for the group’s future projects.

Besides that, Alila II, a high-rise ‘Green Building’ project by Hunza Properties (North) Sdn Bhd, a wholly owned subsidiary of HPB, will be launched soon.

He said it would be sited next to the successful Alila gated and guarded property in Tanjung Bungah.

Khor said the group had also entered into a sales and purchase agreement to acquire 16ha of prime land in Bayan Baru with plans to develop it into an integrated mini-city.

He added that in the past 10 years, the group’s net tangible assets (NTA) had grown steadily from RM80mil to RM410mil as of June 30 this year. - By The Star


December 15, 2010 at 3:47 PMChong

O, Good Dato' Khor, Please sell more to foreigner to gain more forex for the good of economy.

December 15, 2010 at 8:51 PMsad

Yaaaaa...and ignore the local.....sell more sell more

December 15, 2010 at 11:03 PMAnonymous

Yes Datuk .. continue build more and more luxurious high-end condos for foreigners and ignore the locals ... when you die you sure will be given a State Funeral !

December 16, 2010 at 10:49 AMChong

Wish they can keep their Legend for another few years provided we have plenty of foreigner in waiting list.

December 16, 2010 at 11:46 AMcondomana

Pls don't blame Datuk TingTang lah. He has an obligation to Hunza shareholders to maximise profit. As everyone knows, the plot ratio rule by MPPP for getting building permission "encourages" big condo units to be built.

I wonder when the state government is going to wake up and start to "fine tune" this rule to make it more "intelligent", so that the council can influence what type of housing to be built according to local social needs.

December 16, 2010 at 9:36 PMKS_rev

oh yeah, great another project for the rich...