(PRWEB) February 12, 2006 -- Penang base Hunza Properties Bhd has received encouraging response from potential overseas buyers for its latest property project, Alila, ahead of the launch.
“ The auspicious land forest and lush greenery will bring abundance of good fortune and great comfort to Alila dweller ”
Executive chairman Datuk Khor Teng Tong said that the Hunza group, which has been promoting the project in markets like Hong Kong, Japan, Singapore, China and Jordan, is confident that its efforts in promoting the Government's "Malaysia, My Second Home" campaign will pay off.
"The fact that Penang property prices are competitive has been proven during our road-shows by potential overseas buyers who did not ask for any discount," he told reporters at a media preview of the gated and guarded community project in Tanjung Bungah.
Alila, with a gross development value of RM210 million (USD56.76million), will comprise 426 homes (256 condominium units, 162 landed homes called Garden Villas and eight bungalows) on 7.2ha of freehold land off Jalan Lembah Permai.
It is being slated for completion by the middle of 2007.
Khor said the project, which will be launched by Penang Chief Minister Tan Sri Dr Koh Tsu Koon, is expected to receive good response from locals, due partly to its prices which range from RM299,000 to RM940,000 (USD80,810 to USD254,054).
Newly completed link houses in the project's vicinity are said to be priced around RM900,000 (USD243,243), and the semi-detached houses around RM1.2million (USD324,324).
"Land prices in Penang have been escalating between 30% and 100% in the last two years. We have also been experiencing rise in the cost of construction materials like steel and cement of between 15% and 20%," he said.
The name 'Alila' comes from Sanskrit, meaning 'surprise', and this aptly describes the character of the new project with its contemporary and tropical design concept.
Apart from the RM5million (USD1.36million) spent by Hunza on landscaping the undulating land on which Alila is sited, a clubhouse which Hunza said will have five-star amenities – is actually been offered.
Hunza Properties Bhd general manager Ng See Kee said that project site for Alila embraces all the elements of good 'feng shui' (geomancy sense).
"The auspicious land forest and lush greenery will bring abundance of good fortune and great comfort to Alila dweller," she said.
