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Monday, December 19, 2011

Sunway, Khazanah in Iskandar land pact

Sunway Bhd has acquired two parcels of land in Medini Iskandar, Johor, through a joint-venture (JV) vehicle with Khazanah Nasional Bhd.

In a statement today, Sunway said the 276.4 hectares, with an estimated gross development value (GDV) of RM12 billion, were acquired for RM745.3 million.

Sunway said it has formed a JV company, Semerah Cahaya Sdn Bhd, with Khazanah's unit, Dayang Bunting Ventures Sdn Bhd.

"The company will be principally involved in conceptualising, managing, implementing and developing the said land.

"Sunway currently holds 38 per cent in the JV but will increase it to 60 per cent within 54 months from the date of the lease purchase agreement," it said.

It said with the acquisition, the company would have 302ha of development land in Johor, in addition to the existing land at Bukit Lenang, with estimated total GDV of RM13 billion.

Sunway chairman, Tan Sri Jeffrey Cheah Fook Ling, said the land acquisition was in line with the company's strategy to continue extending its expertise in building and managing integrated cities.

"We want to replicate this expertise in Johor and develop an iconic development which will capture the local, regional and international market segments as we have done with our integrated developments," he said.

He said the project was expected to contribute positively to Sunway’s future earnings and cash flow by 2013.

By Bernama

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