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| SunCity starts RM380m 2nd condo project in Hyderabad, 19 Mar 08, Malaysian Reserve | ||
| SUNWAY City Bhd (SunCity) has teamed up with MAK Projects Private Ltd to jointly undertake the former s second condominium project worth RM380 million in Hyderabad, India over the next three years.
SunCity s first condominium project in India is its RM1 5 billion Sunway Opus Grand Residency, which is slated for launch next month. This brings the total worth of jobs for SunCity in Hyderabad to RM1 88 billion. Confident that its venture in India will do well, SunCity chief financial officer Koong Wai Seng told The Malaysian Reserve that it was still in talks for more projects in the country. The Malaysian Reserve reported last October that SunCity was eyeing RM600 million of jobs in Hyderabad. “The RM600 million job is still under negotiations,” Koong said when contacted yesterday. The RM380 million project consist of 1,500 units with an average size of 1,500 sq ft and an average selling price of RM208 per sq ft. SunCity said in a statement yesterday that it would invest an initial RM4 million and subsequently increase it to RM17 million for a 60% stake in the 5.6ha project, located 8km from the first modem Airport in India, the Rajiv Gandhi International Airport and 21km from Hyderabad City Centre. SunCity said given the location, it will be able to tap into the housing market demand generated from senior professionals working in the airport and Hardware Park. SunCity expects to ride on the property boom in India, where the real estate industry has grown at a rate of 30% in recent years and is expected to grow at over 21% in the next four years. According to external research, the industry is expected to surge from US$48 billion in 2007 to US$140 billion by 2012. With a presence in Australia,Cambodia and India, SunCity also hopes to expand to other countries namely China and Vietnam. MAK is a renowned developer in Hyderabad Its flagship development Banyan Tree Retreat is a secured gated and guarded mixed development. |
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| SunCity 2Q net profit surges 450% to RM 170 million, February 20, 2008, The Edge Daily | ||
| KUALA LUMPUR: Sunway City Bhd’s (SunCity) net profit for the second quarter (2Q) ended Dec 31, 2007, surged 450.4% to RM169.73 million from RM30.84 million a year earlier, mainly contributed by the property development and property investment segments and the fair value gain of RM315.7 million as a result of the revaluation of the Sunway Pyramid Shopping Mall. The company said the property development segment registered strong earnings from Sunway Damansara's shopoffice development and Sunway D'Mont Kiara's bungalow and high-end terrace link-house development while the property investment segment's was boosted by the opening of the expanded Sunway Pyramid Shopping Mall during the quarter. For the quarter, SunCity revenue was up 40.9% to RM373.81 million from RM265.22 million a year earlier while earnings per share stood at 36.34 sen. No dividend was declared in the quarter. For the first half ended Dec 31, 2007, SunCity posted a net profit of RM214.68 million, up 245.7% from RM62.1 million a year ago while its revenue climbed 30% to RM732.86 million from RM563.91 million. SunCity said the management maintains its positive outlook for the financial year ending June 30, 2008, backed by record unbilled sales of RM964 million as at Dec 31, 2007 and RM219 million for the en bloc sales of the Palazzio Condominium which was signed in January 2008. The completion and opening of Sunway Pyramid Shopping Mall expansion in October 2007 and the better hotel performance derived from Visit Malaysia Year 2007/2008 will continue to support the company's performance, it added. |
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