Hunza Properties Berhad had announced the revival of the ‘Gurney Paragon’ shopping mall project in Pesiaran Gurney/Jalan Kelawei, Penang. Piling works were originally scheduled for launching in September 2008, but was re-scheduled due to high raw material prices and a soft property market. Piling works will now start by year-end.

The shopping mall project will have a gross built-up area of over one million sq ft will have 700,000 sq ft of lettable area and a controlled tenant system.

Dato’ Khor Teng Teng, Group Executive Chairman of Hunza Properties Berhad, the developer of the project said to StarBiz, The Star newspaper, “We will announce the launch sometime in the third or fourth quarter of 2009. We expect the recovery in the global property sector in the second half of 2009, as the property market is already recovering in China, Hong Kong and Singapore with upward movement in pricing. Meanwhile, the construction industry in the US is moving forward.”