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Wednesday, January 30, 2008

Suria signs MoUs for KK development

PETALING JAYA: Suria Capital Holdings Bhd has signed memoranda of understanding (MoUs) with Kota Kinabalu Pavilion Sdn Bhd, IJM Properties Sdn Bhd and Glomac Bhd for the development of certain specified precincts of the Jesselton Waterfront Project.

Suria group managing director Datuk Abu Bakar Abas said on Tuesday that the MoUs were signed for the purpose of combining the resources and expertise of the various parties in the development of the project. He said the development would be undertaken via individual joint ventures with the three companies concerned in which Suria's subsidiary, Suria Bumiria Sdn Bhd, would hold 50% of the equity, with the rest to be held by the individual companies.

The MoUs called for the development of 5- and 10-storey luxury condominiums called Suria Avenue, and 3- and 4-storey shopoffices called Suria Boulevard with Glomac, a 5- or 6-star boutique hotel and 16-storey condominium with 200 units called Suria Vista with IJM, and 3- and 10-storey commercial and office buildings with Kota Kinabalu Pavilion.

By The Star

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