Sunsuria Bhd has agreed to develop two high-rise projects in Kuala Lumpur with a combined gross development value (GDV) of around RM3.53 billion.
This comes after the property firm inked a conditional shares subscription and shareholders’ agreement with Suez Capital Sdn Bhd, Bangsar Hill Park Development Sdn Bhd (BHP Development) and Dasar Temasek Sdn Bhd to purchase a 51% stake in BHP Development for RM8.44 million, reported The Edge.
Under the agreement, Sunsuria will develop a residential development land spanning 9.82 acres at Lorong Maarof in Bangsar. With a GDV of about RM3.01 billion, the development is expected to be completed by 2028.
Sunsuria also inked a conditional shares subscription and shareholders’ agreement to purchase investment holding firm, Bumilex Construction Sdn Bhd, for RM2.
Bumilex, through its 51%-owned subsidiary Montflex Sdn Bhd, holds the development rights for two land plots at Lorong Tuanku Abdul Rahman in Kuala Lumpur.
The agreement will see Sunsuria develop the land, which spans 1.16 acres in total, into a high-rise mixed commercial project, with a GDV of about RM524.8 million. Construction works for the commercial project is set to start in 1H 2021, with completion expected by end-2025.
“The acquisitions are expected to contribute positively to the earnings of Sunsuria over the long term through income contribution from the development projects, as well as opportunities for the group’s construction arm to tender for construction contracts to develop the two projects,” said Sunsuria.
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