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Saturday, September 25, 2010

Sunway to launch RM1.1bil project in Singapore

KUALA LUMPUR: Sunway Holdings Bhd will launch its third property project with a gross development value (GDV) of RM1.1bil in Singapore next week, said managing director Yau Kok Seng.

"The Sri Lanka project has the potential to generate total salea b le area of at least 380,000 sq ft" YAU KOK SENG

Yau said the 1.92ha project, called Vacanza @ East, would be located at Jalan Senang, District 14, a freehold land strategically sited near Pan Island Expressway.

“We expect good response for the project,” he said after signing a joint-venture (JV) agreement with the Dasa Group of Sri Lanka here yesterday.

He said profit margin in Singapore was usually 12%.

The project will comprise eight blocks of 12-storey buildings, which will have 500 units.

Sunway will also launch another project with a GDV of S$370mil in the second half of 2011 in Singapore. It will comprise 17 blocks of five-storey residential development.

The JV agreement signed yesterday was between Sunway unit SunwayMas Sdn Bhd and Dasa Group for a RM250mil mixed development project in Bambalapitiya, Colombo.

A JV company will be formed in Sri Lanka, with SunwayMas having a 65% stake and remainder taken up by Dasa Group.

SunwayMas would fund its investment in the JV company through bank borrowings and internal funds.

Yau said it hoped to launch the Sri Lanka project, which is expected to generate 20% profit margin, by the second quarter of 2011.

He said the development entailed a 34-storey building comprising 70 commercial and 180 residential units on prime freehold land and mixed-use zone.

It will be completed in 2014 and enjoy five years tax holiday then onwards.

“The project, sitting on a 0.461ha, is located a mere 5km from the Central Business District of Colombo. It has the potential to generate total saleable area of at least 380,000 sq ft,” he said.

Yau said residential properties in the Sri Lanka project would be priced from US$200 per sq ft while commercial units from US$350 per sq ft.

With the latest foray, Sunway’s land bank amounts to 174ha, with a potential gross development value of RM2.6bil over the next three years.

By Bernama

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