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Wednesday, January 9, 2008

Record H1 sales for SunCity

Sunway Palazzio condo (both picture above)

PETALING JAYA: Sunway City Bhd (SunCity) has achieved record unbilled sales of RM1.2bil in the first half of the financial year ending June 30 (FY08) with the en bloc sale of two projects.

Property development managing director Ngian Siew Siong said the projects were Sunway South Quay (two blocks), which was sold to a South Korean investor on Dec 27, and the Sunway Palazzio Block B, which was sold for RM219mil to Radiant Splendour Sdn Bhd.

Ngian Siew Siong

“The 80-unit super luxury condominium in Sri Hartamas (Sunway Palazzio) was sold at RM750 per sq ft and the building is due to be completed in 2010,” Ngian told a media briefing yesterday.

Sunway Palazzio condo

The 249-unit South Quay luxury condominium was sold for RM171mil to Luxury Court Sdn Bhd, a joint venture between South Korean developer CI Korea and Korea’s first real estate asset management specialist Daol Fund.

South Quay, located in the southern precinct of Sunway Integrated Resort City, will consist of 10 blocks of condominiums when fully completed.

“With the en bloc sale of the two projects, we expect to perform better and surpass our target sales of RM1.35bil for the current financial year,” Ngian said, adding that its maiden project in India, Sunway Opus Grand Residency, had not been included in the targeted figures.

He said SunCity to date had achieved RM924mil sales, representing 68% of its FY08 target.

He said SunCity was now in talks with Korean and Middle East investors for the en bloc sale of other blocks in South Quay.

Chief financial officer Koong Wai Seng said the RM1.2bil unbilled sales would form the foundation of the company’s future earnings for at least 1½ years.

Currently, SunCity has 3,000 acres of unlaunched landbank, including in India, Cambodia and Australia, worth a total of about RM13bil.

Koong said SunCity expected 30% revenue contribution from its overseas projects in five years from less than 5% currently.

By The Star

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