Sunsuria could gain RM143.7 mil from sale of land in Sepang

PETALING JAYA (July 7): Property developer Sunsuria Bhd (formerly known as Malaysia Aica Bhd) may sell 10% of its 330-acre tract in Sepang to an international education group for as much as RM143.7 million, it was reported in The Edge Malaysia (TEM) in its July 7 issue. Three months ago, Sunsuria bought the land for RM41psf.

The TEM report said that the RM41 psf was decided on because the tract was already net of major infrastructure enhancements done by Sime Darby.

“It [the international education group] has a good name and is looking to capitalise on the development of the Xiamen University Malaysia campus in the same area. The deal should be concluded in a matter of weeks,” says a source. “It looks like a good deal for Sunsuria, which stands to make a handsome gain.”

The TEM report said that the negotiated selling price for the land that is to be sold is between RM80 and RM100psf, which works out to between RM115 million to RM143.7 million.

To recap, Sunsuria and Sime Darby Bhd formed a 50:50 joint-ventured company called Sime Darby Sunsuria Development Sdn Bhd to undertake the RM6.4 billion development of the 330 acres into an integrated township called Suria Serena with Xiamen University Malaysia campus as the nucleus.

In April, Sunsuria acquired the remaining 50% stake in Sime Darby Sunsuria Development Sdn Bhd that it did not own for RM173.4 million with a shareholder advance of RM16.4 million.

The RM1.3 billion Xiamen University Malaysia campus will be located in Bandar Kota Warisan, Sepang, and is slated to be built on 150 acres. The first enrolment of students will be on September this year.

For the full report, read the July 6 issue of The Edge Malaysia. Subscribe here for your personal copy.