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Thursday, April 29, 2010

SunCity property investment unit to provide half of group's profit

SUNWAY City Bhd's property investment division will continue to provide half of the group's net profit as new projects come on stream this year.

The developer is planning to launch the RM1.5 billion Sunway Velocity integrated commercial project in Cheras, which will have a 800,000 sq ft shopping mall, shop offices and serviced apartments.

It will also start building the Lost World Hotel in Ipoh, Perak, two office towers and an apartment for nurses of Sunway Medical in Bandar Sunway, Selangor.

In addition, it will start expanding its Sunway Pyramid mall.
These properties are worth more than RM600 million, managing director for property investment, Ngeow Voon Yean told Business Times.

"Market optimism is coming back and all indicators point to a recovery to a certain extent," Ngeow said.

The division now owns and manages RM4.7 billion worth of properties. They include Sunway Pyramid Mall, Sunway Carnival Mall, Sunway Giza, Menara Sunway, Sunway Tower, The Banjaran Hotsprings Retreat and two universities.

Ngeow said hotel revenue is set to rise as the economy improves and there are more meetings and exhibitions taking place.

"Our hotels are doing well with room bookings and functions giving us a good indication that business travellers are back. We hope to close the year at an average 78 per cent occupancy for all our operating hotels and resorts," Ngeow said.

SunCity owns Sunway Resort Hotel and Spa, Sunway Georgetown, Sunway Seberang Jaya, Sunway Hanoi, Sunway Pnomh Penh and the Banjaran, which collectively has 2,000 rooms.

It manages Allson Angkor Paradise, Allson Angkor Hotel, Golden Diamond hotel and Allson Medan Tuanku.

By Business Times (by Sharen Kaur)

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