KUALA LUMPUR: SUNWAY HOLDINGS BHD [] is making its foray into Sri Lanka to undertake a mixed development project with a gross development value of RM250 million.
Sunway said on Friday, Sept 24 it was teaming up with Dasa Tourist Complex Pte Ltd for the project in Colombo which will involve the CONSTRUCTION [] of residential and commercial units
Its unit, SunwayMas Sdn Bhd will have a 65% stake in the JV company and Dasa Tourist 35%.
The mixed development will comprise of at least 318,000 sq ft of net saleable areas of residential units and 60,000 sq ft of net saleable areas of commercial units in Colombo city.
'Sunway is constantly on the lookout for new investments. The Group has been in India for more than 10 years and the opening of the Sri Lanka economy to foreign investment and expertise allows expansion of Sunway's geographical footprint to Sri Lanka which has a higher foreign currency rating as compared to India,' it said.
Sunway said the proposed development enables Sunway to expand into an exciting new market and increase the size of its landbank for the purpose of property development.
Sunway said on Friday, Sept 24 it was teaming up with Dasa Tourist Complex Pte Ltd for the project in Colombo which will involve the CONSTRUCTION [] of residential and commercial units
Its unit, SunwayMas Sdn Bhd will have a 65% stake in the JV company and Dasa Tourist 35%.
The mixed development will comprise of at least 318,000 sq ft of net saleable areas of residential units and 60,000 sq ft of net saleable areas of commercial units in Colombo city.
'Sunway is constantly on the lookout for new investments. The Group has been in India for more than 10 years and the opening of the Sri Lanka economy to foreign investment and expertise allows expansion of Sunway's geographical footprint to Sri Lanka which has a higher foreign currency rating as compared to India,' it said.
Sunway said the proposed development enables Sunway to expand into an exciting new market and increase the size of its landbank for the purpose of property development.
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