PETALING JAYA: Sunway City Bhd (SunCity) plans to unveil its maiden property project in China - the RM492 million Sunway Guanghao mixed development within the northeastern province of Jiangsu by the middle of this year, further expanding the Malaysian developer's presence in Asian markets.
Ngian Siew Siong (pictured), the newly-apppointed managing director for Suncity's international property development unit, said the 17-acre Sunway Guanghao project was located within the central business district of the Jiangyin New Harbour City.
“We are certainly keen to meet the housing needs of our international customers by introducing green and environmentally-friendly features in our property projects," Ngian who was formerly the captain of SunCity's property development unit in Malaysia, told theedgeproperty.com
Sunway Guanghao, a mixed high-rise development comprising 1,100 units of medium-end condominiums and specialty shops, will have access to urban amenities once the business district is fully developed, according to Ngian.
According to the Jiangyin New Harbour City Investment Promotion Bureau's website, the harbour city is intended as a growth catalyst for Jiangsu's urban enclaves of Suzhou, Wuxi, Changzhou, Taizhou, and Jiangyin.
This is by virtue of the Jiangyin New Harbour City's market positioning as a commercial, industrial and logistics enclave to spur economic activity of surrounding areas.
There is more to SunCity's involvement in China's real estate market. Apart from the leasehold project in Jiangyin, the group is also finalising details for the Sino-Singapore Tianjin Eco City mixed project, undertaken under a collaboration with China-based Sino-Singapore Tianjin Eco-City Investment and Development Co Ltd.
The project sits on several tracts with a collective area of some 40 acres in Tianjin province. Both parties had in October last year signed a Memorandum of Understanding as initial arrangements for definitive agreements at a later date.
SunCity's Ngian said a presence in rapidly-expanding China, the world's third largest economy, is deemed crucial to help SunCity grow its foreign property development unit's profit contribution to about half of the company's total profits by 2015.
SunCity has come a long way since its maiden overseas venture in Cambodia in December 2004. The company is the developer of the fully-sold Sunway Toul Kok City, comprising double-storey villas within a 32.12 acre land in Phnom Penh.
In India, Suncity has embarked on a partnership with Opus Developers & Builders (P) Ltd of India to develop the freehold Sunway Opus Grand Residency, an exclusive 30-acre initiative within the suburban area of Ameenpur in Hyderabad. This project is set to be launched within the second half of this year.
In Australia, SunCity has a joint-venture deal with Australand Property Group, an Australia-based property developer, to undertake a leasehold industrial development known as the Wonderland Business Park in Sydney.