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Hunza Properties Bhd (Hunza) is expected to see better results in the future, taking into account its on-going projects in the luxury sector, and the rapid development experienced in Penang which h
as lead to a property boom in the state.
According to a Kenanga Investment Bank Bhd report, take-up rates for Hunza’s Infiniti and Gurney Paragon projects was higher than other typical properties in Penang mainly attributed to their iconic appeal to buyers.
Both Infiniti and Gurney Paragon has chalked up impressive take-up rates of 22% each since their respective launch in mid-2007. The report stated that there would be more profit recognition and accelerated sales at Ailila in Tanjung Bunga, Penang and Mutiara Seputeh, Kuala Lumpur as these projects neared completion in the 3rd Quarter of Hunza’s Financial Year (FY) ending 30th June, 2008.
1Q ended 30 September, 2007 saw Hunza’s pre-tax profits soar 62% toRM18 million driven mainly by higher profit margins for Ailila and Mutiara Seputeh, which recorded impressive take up rates of 85% and 70% respectively.
Hunza’s unbilled sales of RM194 million from its developments, Ailila, phase one of Gurney Paragon and Infinity, plus semi-detached units and bungalows in Mutiara Seputeh should further strengthen it performance in the next FY.
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