KUALA LUMPUR: Hunza Properties Bhd will build affordable housing accommodation on 3.924ha freehold land in Penang it bought on Tuesday for RM57.02mil.
It said this was to fulfill the requirement imposed by the state government to build affordable homes in view of the company developing an integrated project on over 43 acres in Bayan Baru.
It was reported earlier this year that Hunza might be planning a mixed development project on its Bayan Baru land with an estimated gross development value of RM6bil.
Hunza said it had yet to determine the total development costs and the expected profits from the affordable housing project, given that the detailed development plan had not been finalised.
The company said the proposed land purchase by its unit Diamaward (M) Sdn Bhd was not expected to have any material effect on its group consolidated earnings for the financial year ending June 30, 2016.
Hunza shares closed 2 sen higher at RM2.73 on Tuesday.
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