Sunway-Monty team to undertake RM120 million residential development

KUALA LUMPUR: Sunway Holdings Bhd and Monty Properties Sdn Bhd will jointly undertake a RM120 million residential  development on some 17 acres of land within the Puncak Jalil township.

In a statement to the bourse, Sunway said its wholly-owned SunwayMas Sdn Bhd, and Monty had entered into a joint  venture agreement on Friday April 9 to develop three pieces of land which are accessible to the Bukit Jalil  highway and Puchong via the Lebuhraya Damansara-Puchong.

"It is suitable for high-end residential development and is proposed for a property development project  comprising terrace and semi-detached houses which would be launched this year.

"This fits into the group’s (Sunway) strategy of focusing on niche residential projects with fast turnaround  time," Sunway said.

Meanwhile, Sunway managing director Yau Kok Seng said in a separate statement that the latest collaboration  brought the group’s landbank to about 400 acres with a potential gross development value of some RM2 billion,  which will be developed over the next three years.