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Tuesday, November 3, 2009

Sunrise looking to develop land in 3 Asian countries

Sunrise Bhd, the country's fourth biggest developer in terms of revenue, is exploring proposals to develop land in Vietnam, China and India.

Its only venture abroad is in Vancouver, Canada, where it is planning a RM1 billion mixed development.

"We receive proposals from all over, just like any others, but we can't tie up with the economics and regulatory environment," executive chairman Tong Kooi Ong said.

Sunrise is re-engineering its project in Richmond, Vancouver, to reduce construction costs.

"We have budgeted for low selling price, which has forced us to budget for lower construction costs. If all goes well, we will launch the project in mid-2010," Tong said at a briefing to analysts in Kuala Lumpur yesterday.

On the home front, Sunrise is trying to find a niche in Iskandar Malaysia, Johor, as well as Penang, he added.

"We must have economies of scale and brand value. We can't hit and run."

According to Tong, Sunrise will still be busy with developments in Mont'Kiara for the next eight years. It has some 30ha to develop.

On whether Sunrise could surpass its 2008 earnings, Tong said he was confident that it would do well in the current year.

Last year, Sunrise made RM156.2 million net profit on RM803.9 million revenue.

It is expecting unbilled sales of RM864 million and two new strata developments in Kuala Lumpur, worth RM1.5 billion, to underpin earnings until 2011.

Most of the unbilled sales, or sales that have yet to be booked into its accounts, were from higher-margin products in the prestigious Mont'Kiara enclave.

By Business Times (by Sharen Kaur)

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