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Friday, October 29, 2010

Sunrise to launch RM3b worth of projects next year

PROPERTY developer Sunrise Bhd will launch about RM3 billion worth of property projects next year to boost profit and revenue for the year ending June 2011.

The projects are mainly located in the Klang Valley as well as a mixed residential development known as Quintet on 1.94ha in Richmond, a suburb of Vancouver in Canada.

Sunrise will launch Phase Two of Quintet within the first quarter of next year. It will comprise 450 residential units with a gross development value (GDV) of C$400 million (RM1.1 billion).

Quintet's first phase of 300 residential units were sold out when it was launched this year.
"We have been seeking property development work overseas and outside Mont' Kiara to ensure sustainable projects to push for further growth," Sunrise executive chairman Datuk Tong Kooi Ong said after its annual general meeting in Kuala Lumpur yesterday.

Locally, the company will launch Solaris Tower located behind the Renaissance Kuala Lumpur Hotel off Jalan Sultan Ismail. It is a two-block strata office development on 1.8 acres of land with a GDV of about RM480 million.

Meanwhile, Sunrise's residential projects that will be launched next year are mixed developments comprising condominiums, serviced apartments, a retail area known as MK 20 with a GDV of RM1 billion, and a gated residential development at The Mines with a GDV of RM500 million.

"We have a good basket of products for the next launches, we will make sure market demand is met," said Tong.

For the year ended June 30 2010, Sunrise reported a 14.2 per cent decline in net profit to RM133.95 million from RM156.18 million previously.

Revenue dropped 26.5 per cent to RM590.74 million against RM803.92 million before. Earnings per share was 27.04 sen.

Sunrise said the lower full-year revenue was due to the completion of Mont' Kiara Meridien and substantial completion of 10 Mont' Kiara and Solaris Dutamas in the previous financial year.

The residential area construction of 11 Mont' Kiara and 28 Mont' Kiara were on schedule and slated for completion in 2011 and 2013 respectively, it added.

By Business Times

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