Proposed development will comprise 260 residential units.

It is already almost as tall as the Petronas Twin Towers.

The sukuk represents the first tranche in a RM3 billion Sukuk Murabahah programme that was established with a tenure of up to 15 years from the date of the first issuance.

“Developers are expected to take stock of the situation by reviewing and re-planning their proposed products and may further defer property launches.”

The land is supposed to be for the Kuala Lumpur Vertical City (KLVC) development project which will comprise seven towers, including Felda’s KLVC Tower1A.

The losses were caused by the provision for impairment of balance of sales proceeds from the sale of Berjaya (China) Great Mall Co Ltd (GMOC), which amounted to RM155.08 million.

MIDF Research analyst Jessica Low Jze Tieng said the sales of high-end houses would have been affected from January 2018 onward with the proposed hike in stamp duty.

It also seeks to diversify into construction, property development.

Malaysia is ranked 35th out of 153 countries in Forbes’ “Best Countries for Business 2018”.

Sunway said the proposed acquisition will enable it to penetrate and expand into the Sabah pavement market.