HUNZA Properties Bhd (Hunza) plans to launch a high-end residential project on Penang island in 2010 to capture demand from foreign buyers.

The new project, codenamed "Alila 2", is sited on a 4ha plot in Tanjung Bungah. It will be promoted to buyers in Europe, Hong Kong, South Korea, Indonesia and Singapore.

Hunza executive chairman Datuk Khor Teng Tong yesterday said the project, which is expected to carry a development value of between RM230 million and RM280 million, will be located next to its current "Alila" tropical-garden development.

It will be carried out with joint-venture partner Nilai Ariff Sdn Bhd.

"We want to continue with our strategy of tapping the strong international demand for iconic properties," he told a media briefing in Penang.

Alila 2 will comprise a mix of landed properties and condominiums and is likely to be more expensive than the existing project which is almost sold out.

It will also offer value-added services like concierge and limousines as part of the project.

Hunza's undeveloped landbank in Penang currently totals 200ha in Bertam in Seberang Prai.

"We are looking to expand our landbank in the Klang Valley now that our Mutiara Seputeh project is almost sold out. We want to continue maintaining our presence there," Khor said.

Hunza is likely to announce a land acquisition in the Klang Valley soon, he added.