KUALA LUMPUR (Feb 12): Property developer Sunsuria Bhd (KL:SUNSURIA) reported sharp drops in its first quarter net profit and revenue, primarily due to lower progressive profit recognition from its completed property projects.
Sunsuria said it has signed an agreement to acquire the additional 41% stake for RM21.
Sunsuria stated that it recorded a moderation in revenue for 4Q compared to the same quarter in the preceding year, reflecting the natural project lifecycle following the completion and handover of major developments in the preceding quarter.
“The ICP programme has been assigned a preliminary rating of MARC-1IS by MARC Ratings Bhd,” Sunsuria said in a bourse filing on Wednesday.
The upcoming development will feature 520 residential units, with an estimated gross sales value of RM492 million.
As at 4Q, Sunsuria’s unbilled sales in property development stood at RM0.
Sunsuria said Phase 1 of the Kampung Sungai Baru land development, involving residential and serviced apartment, business suites, commercial and retail lots, has an estimated gross development value of RM2.
The school offers the English National Curriculum across various levels — Primary School (Years One to Six), Secondary School (Years Seven to 10), and Sixth Form (A-Level).
This comes after Concord College International School commenced operations in Sunsuria City in September.
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