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Tuesday, November 3, 2009

Sunrise bullish about Klang Valley projects

KUALA LUMPUR: Developer Sunrise Bhd will continue to focus on property development in the Klang Valley, especially in the inner city area and places like Mont’Kiara.

Sunrise Berhad Executive chairman, Tong Kooi Ong

Executive chairman Tong Kooi Ong said the company remained bullish on the sector, especially in the Klang Valley.

“It’s a myth to say there is insufficient development land in the Klang Valley,” he told a media briefing on the company’s ongoing projects yesterday.

He said Sunrise had about RM1.5bil worth of property projects to launch in the near- to mid-term.

“We will complete our MK28 project, comprising 460 condominiums in Mont’Kiara, in three years, and Solaris Towers, located off Jalan Sultan Ismail, in about four years.”

Tong said Sunrise still had 80 acres of prime land to develop, of which 50% was in Mont’Kiara and the rest in the city area.

“Our current land bank is sufficient to last us eight more years. However, we will continue to search for good parcels of land in strategic locations, especially in the Klang Valley.’’

On the company’s performance going forward, he said the financial year ending June 30, 2010 (FY10) could be slightly better that FY09. “We have total unbilled sales of about RM860mil which are expected to be realised in the next two years and we aim to lower our gearing, which currently stands at RM400mil,” he said.

On its overseas venture, Tong said the company was involved in a residential property development in Vancouver, Canada, about five years ago as he was familiar with the territory.

On the Government’s proposal to impose 5% real property gains tax from Jan 1, he said it might not have been a well-thought after plan by the authorities.

“If the tax was imposed to derive higher revenue, the amount collected may not be too significant,” he said, adding that it might dampen property investors’ sentiment and curb some level of speculative buying.

Tong said it was still too early to gauge its impact on the industry.

By The Star (by Danny Yap)

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