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Monday, September 27, 2010

SunwayMas ventures into Sri Lanka

SunwayMas Sdn Bhd (SunwayMas), the wholly-owned property development arm of Sunway Holdings Berhad (Sunway Holdings), signed a Joint Venture Agreement (JVA) with Dasa Group on September 24 to jointly develop a parcel of prime land in Sri Lanka’s capital city of Colombo. With the signing of this JVA, SunwayMas becomes the first Malaysian property developer to undertake a development project of such scale and nature in Colombo, Sri Lanka.

Under this JVA, SunwayMas and Dasa Group will jointly undertake the development of a 34-storey building comprising about 70 commercial units and 180 residential units on prime freehold land in the premium mixed-use zone of Bambalapitiya in District Colombo 4. The proposed development has a gross development value of USD80 million (equivalent to approximately RM 250 million). The project will sit on a 1.14 acre land that is located 5km away from the central business district of Colombo.

The JV comes on the heels of the Memorandum of Understanding signed between SunwayMas and Dasa Group in June 2010. Under the JVA, the proposed structure is for SunwayMas to hold 65% of the shares and the Dasa Group 35%.

The JVA was signed by Sunway Holdings managing director Yau Kok Seng and Dasa Group of Companies chairman and founder S. D. Gunadasa. Yau said, "Today is a historic occasion as this is the first-of-its-kind venture by a Malaysian property developer into Sri Lanka. This is the beginning of an era of mutual economic co-operation and benefit between our two nations. Today, we have contributed towards a new paradigm - that of the opening up of the Sri Lankan economy to foreign investment and expertise, thus allows us to contribute to Sri Lanka’s nation building.”

Yau added, “Sunway Holdings has built a strong reputation in Malaysia for quality property offerings and pioneer development concepts. After today, Sri Lanka would be the third foreign country, apart from Singapore and China, where Sunway Holdings will have its property development foot print in.”

This brings Sunway Holdings’ land bank to a total of more than 430 acres with potential Gross Development Value of approximately RM2.6 billion, which will be developed over the next 3 years. The Group currently has RM450 million in unbilled property sales and is expected to launch about RM500 million worth of property projects in Malaysia and Singapore in the next few months.

S. D. Gunadasa, Chairman & Founder, Dasa Group of Companies, said at the ceremony, "This JV marks an important milestone for the Dasa Group’s first venture in mixed development in Sri Lanka. We look forward to more collaborations with Sunway Holdings for our future expansions.”

“While the Sri Lankan property market gears itself for robust growth in the next 5 years, international collaborations with premier property players such as the Sunway Holdings will contribute immensely to raise the standards in the industry as well as to create new benchmarks”, he concluded.

By The Star

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