Sunway to launch RM600 mln new projects this year

KUALA LUMPUR: Sunway Holdings Bhd will this year launch another five projects with a total gross development value (GDV) of about RM600 million, its managing director Yau Kok Seng said.

Speaking to a press conference here on Tuesday, June 29, he said that the five projects are located at Bangi, Templer Park, Puncak Jalil and Melawati 2 in the Klang Valley, as well as a joint-venture project on Jalan Senang in Singapore.

Last month, the group launched Phase 1 of Sunway Guanghao, which is a joint-venture project with Sunway City Bhd (Suncity) and Shanghai Guanghao Real Estate (Group) Co Ltd. The phase comprises 213 condominium units.

"Currently, the group has six ongoing projects, including Sunway Rydgeway in Melawati, Paragon Point in Bangi, PJ51A, and two public housing projects in Singapore and China. We have an unbilled sales of RM500 million and we expect the earnings contribution from the property development division to excess 20%," he added.

Sunway Holdings has total undeveloped landbank of 450 acres valued at RM3.3 billion in Klang Valley and China.

The group has also recently signed two Memorandum of Understandings (MoUs) in Sri Lanka and China to establish joint-venture companies to develop projects in those countries. It is currently carrying out feasibility studies for the projects.

For its construction division, Yau said the group is bidding for jobs worth RM16 billion, of which RM10 billion are within the country, while the remaining jobs are based abroad, in countries like Abu Dhabi, India, Singapore and Trinidad. It has an order book of RM3 billion.

Besides projects from the private sector and its listed property entity Suncity, the group is also looking at projects planned under the stimulus packages and the 10th Malaysia Plan.

Its unit Sunway Construction Sdn Bhd is one of the 17 pre-qualified contractors for the first phase of construction for the Light Rail Transit (LRT) extension for both the Kelana Jaya and the Ampang lines.

In its filing to Bursa Malaysia on Monday, June 28, the group said it accepted a letter of award for a contract worth RM129 million from PML Dairies Sdn Bhd, a dairy division under beverage group Fraser and Neave Holdings Bhd (F&N).

The award was slated for the proposed construction of a dairy product factory at Pulau Indah in Port Klang.