Sunsuria Berhad (“Sunsuria”) announced today its revenue and net profit of RM62.21 million and RM3.57 million for the current quarter under review.
For the three months ended 30th June 2021 (“Q3”), Sunsuria’s revenue tripled year-on-year (“YoY”) to RM62.21 million compared to the RM20.20 million recorded in the corresponding quarter a year earlier (“Q3 FY2020”).
The current quarter’s revenue was attributed to the Group’s ongoing property developments – Monet Springtime, Monet Garden Townhouses and Villa, Giverny Walk dual frontage shop offices and Tangerine Suites at Sunsuria City, as well as Sunsuria Forum @ 7th Avenue (Phase 2) at Setia Alam and Block D Verdura at Bangsar Hill Park at Lorong Maarof in Bangsar.
Check out our honest, unbiased project reviews on projects by Sunsuria here!
Revenue in Q3 FY2020 was lower due to the total stoppage of construction activities under the Malaysian Movement Control Order (“MCO”) from 18th March 2020 until the gradual approval for work to resume at Sunsuria’s various project sites effective 10th June 2020.
As a result, a low percentage of work was underway during Q3 FY2020.
Net profit for the nine months ended 30 June 2021 was at RM14.01 million as compared to the RM20.96 million recorded in the previous year’s corresponding period. The lower net profit for the current nine months was due to operating expenses from the Bangsar Hill Park project.
While the acquisition of Bangsar Hill Park that was completed in February 2021 contributed to revenue for Q3, the contribution from the project is marginal as the project is still at the preliminary stage of development.
The Bangsar Hill Park project has an estimated gross development value (“GDV”) of RM3.01 billion.
Quarter-on-quarter, Q3 revenue was marginally lower at RM62.21 million from RM62.95 million in the preceding quarter.
Meanwhile, net profit dipped marginally to RM3.57 million from RM5.12 million due to the loss on disposal of vacant freehold agricultural land of RM2.85 million during the current quarter under review.
However, the net amount of loss on disposal has been partially set off against the debt waiver of RM1.70 million received by Sunsuria.
“While the pandemic continues to pose a challenge on the economic front, the government’s National Recovery Plan has provided some respite, allowing the housing development sector to operate under Phases 1 and 2 effective end-July.
“We are also cautiously optimistic on Malaysia’s increasing vaccination coverage, which will enable a gradual reopening of the economy in the months to come,” said Sunsuria’s Executive Chairman Tan Sri Datuk Ter Leong Yap.
“Innovation will continue to play an important role in driving our business moving forward. Our partnership with Maybank Islamic for our ‘Yours to Own’ Houzkey homeownership campaign complements the government’s Home Ownership Campaign (HOC) to support Malaysian home buyers with a flexible and affordable homeownership financing solution, given the current economic situation.
“We remain committed towards delivering value to shareholders by offering products and solutions that surpass expectations – Sunsuria City winning the Best Sustainable Township Development at the ASEAN Property Awards Malaysia 2020/2021 is one such example,” said Ter.
Sunsuria’s ‘Yours to Own’ Houzkey homeownership campaign offers 100% financing with no down payment required, zero payment during the construction period, and low monthly payment with financing rates starting from RM680 that will be required to be serviced upon completion of the project and after the vacant possession stage.
The campaign enables eligible homeowners to enjoy the benefits under the HOC, which include stamp duty exemptions, Memorandum of Transfer waivers and 10% discount on the purchase of property.
Among the developments offered under the Houzkey campaign are Sunsuria City’s landed residential project Monet Garden and high-rise development Tangerine Suites, as well as Sunsuria Forum’s Residential Suites in Setia Alam.
Check out these latest project reviews today! Or read our helpful Guides to learn all about the various property buying, selling and renting tips!
