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Friday, June 18, 2010

Sunway plans S. Lanka tie-up

KUALA LUMPUR: Sunway Holdings Bhd and Sri Lanka-based Dasa Tourist are looking at the possibility of forming a joint venture to develop a 34-storey tower in Colombo, Sri Lanka.

In a statement yesterday, Sunway said it had entered into a memorandum of understanding (MoU) with Dasa Tourist for the proposed project which has an estimated gross development value of RM250mil.

Dasa Tourist is a wholly-owned subsidiary of the Dasa Group.

Under the MoU, Sunway shall undertake feasibility studies and market research to ascertain the viability of the proposed property project.

The move is in line with Sunway’s strategy to invest in industries of growing economies in which it has a core expertise.

It would also provide Sunway the opportunity to explore the feasibility of expanding its property development business in Sri Lanka by developing a parcel of land in an attractive location.

The proposed project is located on a plot of prime freehold land in the premium mixed-use zone of Bambalapitiya in District Colombo 4.

It has the potential to generate a total sellable area of 400,000 square feet.

By Bernama

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