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Wednesday, October 12, 2011

Sunway in JB and Singapore projects

PETALING JAYA: Construction and integrated property developer and manager Sunway Bhd has been awarded a contract worth RM308.9mil from Iskandar Malaysia Studios Sdn Bhd for the construction of an integrated media studios facility in Johor Baru.

In a statement to Bursa Malaysia, Sunway said that its wholly-owned subsidiary Sunway Construction Sdn Bhd had received the letter of award for the project.

Called Pinewood Iskandar Malaysia Studios, work on the project would take 19 months for completion by May 10, 2013.

Among other things, the project would comprise a TV block, with two TV studios and two scene docks; a film block with five studios; an annex block with a viewing theatre and audience-holding area; a production block, with offices, dressing room and wardrobe studio; and ancillary building and space, with a guard house, carpark and a 10-acre backlot for filming.

The project is expected to contribute positively to the earnings of Sunway group from financial year ending Dec 31, 2012 onwards.

In a separate announcement, Sunway said that Sunway Developments Pte Ltd, together with Hoi Hup Realty Pte Ltd and Oriental Worldwide Investments Inc, had been awarded the tender for a piece of land in Jalan Loyang Besar/Pasir Ris Rise, Singapore for a 99-year lease term at S$140.96mil (RM345mil).

Sunway Developments, a wholly-owned subsidiary of Sunway Construction, would set up a joint-venture company with Singapore-based Hoi Hup and Oriental World based on a 30:60:10 equity ratio to undertake the development of the land.

The proposed development is expected to complete within 60 months, commencing Oct 10.

By The Star

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