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Thursday, April 8, 2010

SunCity plans property stake sale to REIT

Property conglomerate Sunway City Bhd (SunCity) has proposed to sell all its stake in eight properties to a real estate investment trust for a price that has yet to be fixed.

The properties are Sunway Pyramid shopping mall, Sunway Resort Hotel & Spa, Pyramid Tower hotel, Menara Sunway, Sunway Carnival mall, Sunway Hotel Seberang Jaya, SunCity Ipoh hypermarket and Sunway Tower.

It also plans to sell three pieces of leasehold land in Selangor to Sunway Pyramid Sdn Bhd (SPSB).

SunCity also signed letter of intents to buy 48 per cent of SPSB and Sunway Resort Hotel Sdn Bhd.
The company has hired Maybank Investment Bank to arrange the proposals.

SunCity involves in property development and investments. Its crowning jewel is the RM5.6 billion Bandar Sunway, which spans an impressive 7.0 million sq ft in the Klang Valley.

By Business Times

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