Website Language
For Sale
For Rent
Auction
Latest Project Highlights
| Rice Miller City Residences | |
|
...
|
| New high-end luxury condominium in Penang island | |
|
|
| Minden Residence | |
|
Minden Residence is located at Gelugor, Penang, comprises 8 units of semi-detached houses and 3 units of...
|
| Moonlight Bay | |
|
|
|
| One One Eight @ Island Plaza | |
|
One One Eight @ Island Plaza A Seamless Style of Living 118 @ Island Plaza takes its cue from the energy, vivacity...
|
| Pearl Regency | |
|
High Living, Sky Living The skybridge. The international activity centre. A 3-story shopping mall....
|
| Fettes Residence | |
|
Fettes Residence Million-Dollar Views Enhance The Priceless Living Experience Let the sea, that stretches across the...
|
| Setia Pearl Island | |
|
Setia Pearl Island - The Island of Dreams Since its debut in early 2007, Setia Pearl Island has established its name...
|
| Seri Tanjung Pinang | |
|
HERE, YOUR LAWN EXTENDS TO WHERE THE SEA MEETS THE SKY. Every home at Seri Tanjung Pinang combines detailed...
|
| The One, Penang Cyber City | |
|
CAPTURING IMAGINATION REALIZING DREAMS Unique, Unequaled and cutting edge, The One is gearing up to be one of the...
|
Email this to a friendPenang Property Mart Set To Boom
THE Penang property market is expected to enter a boom cycle as there are signs of a gradual price rise due to land scarcity in prime areas.
Hunza Properties Bhd (HPB) executive chairman Datuk Khor Teng Tong yesterday said land scarcity, teamed with a hike in building material prices and labour costs, have contributed to this trend.
"Going forward, the shortfall in supply of properties cannot be addressed and overcome in the short-term.
"This will lead to a situation where supply is unable to meet demand and further contribute to the increasing trend in property prices," he told an analyst briefing in Penang when announcing the company's 2010 fiscal results.
For its financial year ended June 30, HPB recorded revenues of RM258.7 million and profit after tax of RM50.9 million.
The figures reflect an increase of 172 per cent on revenues and 84 per cent on profit after tax respectively compared with the preceding financial year.
Hunza Properties Bhd (HPB) executive chairman Datuk Khor Teng Tong yesterday said land scarcity, teamed with a hike in building material prices and labour costs, have contributed to this trend.
"Going forward, the shortfall in supply of properties cannot be addressed and overcome in the short-term.
"This will lead to a situation where supply is unable to meet demand and further contribute to the increasing trend in property prices," he told an analyst briefing in Penang when announcing the company's 2010 fiscal results.
For its financial year ended June 30, HPB recorded revenues of RM258.7 million and profit after tax of RM50.9 million.
The figures reflect an increase of 172 per cent on revenues and 84 per cent on profit after tax respectively compared with the preceding financial year.
Khor says land scarcity and building material price rise, among others,
contribute to the rising price trend
contribute to the rising price trend
HPB benefited from stronger sales in fiscal 2010.
"Construction works on the two residential towers of our Gurney Paragon project in Pulau Tikus have also been progressing well, thus contributing to higher revenue and attributable profit on percentage of work done," he added.
On the construction progress of the sea-fronting RM450 million Gurney Paragon project, which comprises a residential development, an office block and shopping mall, Khor said:
"It has sped up with its superstructure completed up to its top, the 43rd-storey, and this makes Gurney Paragon the tallest condominium in Penang.
"As the demand for high-end property in Penang remains high, we expect a further increase in property price, thus making the outlook for the property market very positive.
"Due to these reasons, HPB expects a stronger performance for the 2011 financial year," he added.
Gurney Paragon has attracted both local and foreign interest, its developers say, with condominium buyers from 20 countries so far.
Of the total 220 units launched, Khor said 130 units with a sales value of RM242 million have been sold as of June 30. The shopping mall is due to start operations in early 2012.
"Construction works on the two residential towers of our Gurney Paragon project in Pulau Tikus have also been progressing well, thus contributing to higher revenue and attributable profit on percentage of work done," he added.
On the construction progress of the sea-fronting RM450 million Gurney Paragon project, which comprises a residential development, an office block and shopping mall, Khor said:
"It has sped up with its superstructure completed up to its top, the 43rd-storey, and this makes Gurney Paragon the tallest condominium in Penang.
"As the demand for high-end property in Penang remains high, we expect a further increase in property price, thus making the outlook for the property market very positive.
"Due to these reasons, HPB expects a stronger performance for the 2011 financial year," he added.
Gurney Paragon has attracted both local and foreign interest, its developers say, with condominium buyers from 20 countries so far.
Of the total 220 units launched, Khor said 130 units with a sales value of RM242 million have been sold as of June 30. The shopping mall is due to start operations in early 2012.
Source : New Straits Times, 18/08/2010