News about Sunway

Upon completion of the acquisition, Sunway pointed out that the acquisition will also entail financial requirements to fund the future development of Sakura Residence.

The diversified group saw its net profit for the quarter ended March 31, 2024 (1QFY2024) rise to RM172.

“The group is optimistic of registering a positive growth in FY2024 supported by our strong existing outstanding order book” totalling RM6.

It was also agreed that Kar Sin will promptly apply for and ensure the issuance of a new title document to the property that clearly indicates that Kar Sin had acquired the land prior to selling it to Sunway Living Spaces.

Phase 1 of Sunway Velocity 3 comprises two serviced residence blocks with built-ups from 721 to 1,076 sq ft.

The outlet’s tenants include companies from industries such as technology, financial technology (fintech) and travel agencies, as well as digital nomads via Malaysia Digital Economy Corporation (MDEC)’s DE Rantau programme.

The construction will consist of 1,604 units of serviced apartments in two 60-storey blocks, which also comprise a level of basement car park, 8 levels of elevated car parks, two levels of mezzanine as well as recreation facilities.

According to a bourse filing on Thursday (Feb 15), YNH’s wholly-owned Kar Sin Bhd and Sunway Bhd unit, Sunway Living Sdn Bhd, mutually agreed on Feb 9 to extend the conditional period for a further three months after the expiry of the third three-month extension.

“There are no liquidated damages or penalties that the company needs to compensate [concerning the SPA with ALX Asset].

The project, which is expected to be completed in the third quarter of 2026, is expected to contribute positively to Kimlun Group’s earnings and net assets for the financial years during the contract period.