KUALA LUMPUR: SUNWAY HOLDINGS BHD [] is teaming up Monty PROPERTIES [] Sdn Bhd to undertake joint residential property development in Puncak Jalil with an estimated gross development value (GDV) of RM120 million.
Sunway said on Friday, April 9 its unit SunwayMas Sdn Bhd had signed a JV agreement with Monty Properties to undertake the project via a JV company Geneba Dua Sdn Bhd on the 4.4-acre site.
"The proposed JV enables the group to increase the size of its land bank for the purpose of property development," it said.
It added the land is located in the Puncak Jalil township which is accessible to Bukit Jalil highway and Puchong via the Lebuhraya Damansara-Puchong.
Sunway said the land was suitable for high-end residential development comprising terrace and semi-detached houses which would be launched this year. This would fit into the group’s strategy of focusing on niche residential projects with fast turnaround time.
It added a feasibility study showed the proposed JV would provide Geneba Dua with an estimated GDV of RM120 million.
"Based on the results of the feasibility study, Sunway is of the view that after taking the risks into account, the expected benefits are sufficiently attractive for SunwayMas to proceed with the proposed JV," it said.
