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Saturday, April 10, 2010

Sunway to develop 6.8ha in Puncak Jalil

Sunway Holdings Bhd has sealed a deal to develop three plots of land totalling 6.84ha in Puncak Jalil, Kuala Lumpur, into an upmarket residential area with a gross development value (GDV) of RM120 million.

The deal signed with Monty Properties Sdn Bhd yesterday will increase Sunway's total GDV to RM2 billion from various developments planned on 161.87ha over three years.

Sunway said it will build double storey terrace and semi-detached homes offering lifestyle concepts on the three parcels.

They measure between 1.6ha and 3.23ha each, and are well-served by a network of highways and main roads, including the Bukit Jalil and Sungai Besi highways.

The developments are expected to be launched in the second half of the year, Sunway said in a statement yesterday.
"This venture brings the group's landbank to some 161.87ha with a potential GDV of about RM2 billion, which we will develop over the next three years," Sunway managing director Yau Kok Seng said.

The latest deal follows its recent acquisition of 39.65ha with a total GDV of RM500 million in Templers, Gombak, Selangor.

Last year, Sunway also announced that it was undertaking a private housing project in Singapore's District 14 via a joint venture.

That was its third Singapore property project following the two successful public housing projects under the design-build-sell scheme in Boon Keng and Toa Payoh.

The two Singapore projects and another in Melawati, Kuala Lumpur, have provided Sunway with more than RM650 million in unbilled sales to date.

Yau said the company plans to launch about RM800 million worth of property projects in Malaysia, Singapore and China for the rest of the year.

By Business Times

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