Malaysia Property News is a free resource website sharing Daily Property News & information about Property in Malaysia, which related to, Property Market, Property Investment, Commercial Property , Hot Properties Malaysia, Real Estate, Retail Shop, Business Park, Condominium Malaysia, Terraces & Apartment Malaysia, Houses, Residence, Resort and many more.

Monday, January 7, 2008

Mideast fund snaps up Sunway City condo

Sunway City Bhd has concluded its second en bloc sale - the Sunway Pallazzio Block B for an estimated RM220 million to a firm linked to a Middle Eastern fund.

The buyer for the property, which is under construction, is Radiant Splendor Sdn Bhd, a special purpose vehicle affiliated to the fund, sources say.

Sunway Pallazzio
, an 80-unit super luxury condominium in Sri Hartamas, was sold at around RM750 per sq ft. The building is due to be completed in 2010.

The sale underscores the attraction of Malaysia's property market, which has been buzzing since the government lifted a sales tax and made it easy for foreigners to own property.

The source added that with the sale, Suncity could save up to RM10 million in promotional and marketing costs.

The announcement is set to be made this week.

Suncity's chief financial officer Koong Wai Seng declined to comment on the deal when contacted.

However, Koong noted that Suncity had completed its first enbloc sale - the Sunway South Quay deal with a South Korean investor - on December 27 last year.

This 249-unit luxury condominium in Sunway South Quay, was sold for RM170 million to Luxury Court Sdn Bhd, a joint venture between property developer CI Korea and Daol Fund.

Daol Fund is South Korea's First Real Estate Asset Management Specialists with US$10.7 billion (RM35.1 billion) asset under its management.

Established in June 2006 with a US$310 million (RM1.02 billion) real estate fund, it is backed by South Korea's four top-tier banks and two major securities firms including Worri Bank, Hana Bank and National Agricultural Cooperative Federation Bank.

The Sunway South Quay Korea community will be a twin city of the the US$337 million (RM111 billion) HongCheon Senior Leaders country project under development.

"With the Daol Fund, the likelihood of the option given to CI Korea to purchase another enbloc property next to the first property has increased," Koong said, adding that the price tag on the option is around RM200 million.

By New Straits Times

More Related Information, please refer to previous property blog post otherwise visit the website for detail information.

No comments: