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Friday, April 9, 2010

Sunway unit in jv with Monty Properties

Sunway Mas Sdn Bhd, a unit of Sunway Holdings Bhd, has formed a joint venture with Monty Properties Sdn Bhd to undertake a property development project called "Puncak Jalil".

Sunway Holdings said the project, to be carried out by the joint-venture firm Geneba Dua Sdn Bhd, is expected to have a gross development value of RM120 million on 16.88 acres of land.

In a statement to Bursa Malaysia today, Sunway Mas said it would hold 65 per cent stake in the joint venture with the remaining 35 per cent under Monty Properties.

It also said that the proposed joint venture would enable the group to increase the size of its land bank for further property development.
"The land is suitable for high-end residential development and is proposed for a property development project comprising terrace and semi-detached houses which will be launched this year," said Sunway Holdings.

"That fits into the group's strategy of focusing on niche residential projects with fast turnaround time," it said.

The land for the proposed development is strategically located in Puncak Jalil, a well-established township, and is easily accessible to the Bukit Jalil highway and Puchong via the Damansara-Puchong Expressway.

By Bernama

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