Hunza to start first hotel project

Hunza Properties Berhad Group (HPB Group) will soon embark on its very first hotel project on its existing 14.9ha Juru land in Penang.

The project is part of an integrated development where 75% of the land is reserved for high-rise residential units and the rest for commercial purposes.

HPB Group executive chairman Datuk Khor Teng Tong said the four-star hotel would be managed and owned by the group.

“We are planning to submit the structural plans to the relevant authorities by October and ground work is expected to start on the third quarter of next year,” said Khor in a press conference.

“Work is expected to be completed within five years.”

Khor said that under the commercial development, a hypermarket as well as a leisure area would be constructed along with the hotel.

“We expect to have a few thousand job opportunities available after the project has been completed.”

Meanwhile, HPB Group recorded RM112mil in revenue and RM166mil in net profit after tax and minority interest for this financial year (ended June 30) compared to RM124mil and RM101mil respectively for last year.

Khor said the increase in net profit was due to gain on revaluation of investment properties.

“Revenue was higher in the previous financial year due to higher attributable sales contributed mainly by Gurney Paragon Condominiums,” he said.

The group’s board of directors has declared a special interim dividend of 25 treasury shares for every 1,000 existing ordinary shares of RM1 each held in the company, in respect of the financial year which ended June 30 this year. - By The Star

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