Monday, December 19, 2011

Sunway-Khazanah JV acquires lease in Medini Iskandar for RM745.3m

KUALA LUMPUR (Dec 19): Sunway Bhd has acquired the leases of two parcels of land for RM745.3 million with a gross development value (GDV) of RM12 billion in Medini Iskandar via a joint venture (JV) with Khazanah Nasional Bhd.

In a statement on Monday, the company said that the two parcels of land adjacent to each other totaled 691 acres, adding that the leases acquired were for a period of 99 years.

Sunway said the newly acquired land known as Zone F Medini would boost its landbank by 30% from the previous 2,145 acres, while the proposed development will increase the company's current GDV to RM 32 billion.

'With the acquisition, Sunway will have 755 acres of development land in Johor, in addition to the existing land at Bukit Lenang, with estimated total GDV of RM 13 billion,' it said.

The company also announced its JV with Dayang Bunting Ventures Sdn Bhd, a wholly-owned subsidiary of Khazanah to form Semerah Cahaya Sdn Bhd which would principally be involved in conceptualising, managing, implementing and developing the said land.

Sunway currently holds 38% in the JV but will increase its holdings to 60% within 54 months from the date of the lease purchase agreement, it said.


No comments:

Post a Comment