Hunza to earn steady recurring income
GEORGE TOWN: The opening of the Gurney Paragon Mall will enable Hunza Properties Bhd to earn a steady recurring income, says
executive chairman, Datuk Khor Teng Tong.
He said Hunza had invested close to RM500 million in the mall which demonstrates its confidence in the local economy.
"It is also proof that we are in this for the long haul. We are now a real estate investor, investing our retained surpluses into owning and managing assets to earn a steady recurring income," he said at the mall's soft launch here today.
Khor said Hunza expects to generate returns on investment for the Gurney Paragon Mall in eight to 10 years, amid the good take-up rate of 140 tenants with investments of about RM200 million.
Gurney Paragon, the latest shopping landmark for Penangites and tourists, offers premium lifestyle shopping, and houses al-fresco dining areas with leading international retailers built around the restored St. Joseph's Novitiate, a heritage building with an unique architecture.
Khor said an integrated development like Gurney Paragon was a great investment in Malaysia to cater for the growing population as well as those climbing the income ladder at a fast pace.
The mall with 700,000 sq ft, provides customers with premium outlets such as SAM's Groceria by homegrown and retail giant Mydin Mohamed Holdings, and new brands in Penang, namely H&M, Sephora, Debenhams, Canali, La Martina and Michael Kors.-- Bernama
Publish date: 23/07/13