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Wednesday, January 27, 2010

'Sunrise JV little financial impact on Sime'

The financial impact on Sime Darby's joint venture (JV) with the Sunrise Group is negligible, says ECMLibra Investment Research.

ECMLibra Investment also indicated that the JV was most certainly in line with the Sime Property segment's aspirations, said the research house in a statement today.

Sime Darby Property Bhd and Sunrise Bhd announced yesterday that both had entered into a JV to develop three lots of freehold commercial land in the Bukit Jelutong Township.

The project has an estimated gross development value (GDV) of RM1.0 billion. Both companies have also formed a 50:50 joint-venture company to develop it.
"We believe the move falls into the Group’s master plan for the Sime Darby Vision Valley (SDVV),of which they expect to announce more details soon," said ECMLibra Investment.

Bukit Jelutong is part of the SDVV called the Selangor Vision City which consists of Bukit Jelutong (90 per cent completed), Denai Alam (30 per cent completed) and the Elmina and Lagong Logistics Hub.

By Bernama

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