Sunway, Mitsui in RM319m joint venture

by **Cals** Fri 25 Oct 2013, 06:40

Posted on 25 October 2013 - 05:40am

[You must be registered and logged in to see this link.]

PETALING JAYA (Oct 25, 2013): Sunway Bhd's unit Sunway South Quay Sdn Bhd has entered into a 67:33 joint venture (JV) with SEA Investment Four Pte Ltd, a subsidiary of Japan's Mitsui Fudosan Co Ltd, to develop and sell RM319 million Sunway Geo Residences at Sunway South Quay, Bandar Sunway, Selangor.

The development of Sunway Geo Residences will be undertaken by a JV company, Prosper Revenue Sdn Bhd (PRSB). It is scheduled for launch in November 2013 and slated for completion in 2016.

Sunway Geo Residences comprises 472 units of residential condominiums within two 30-storey blocks. The built-up of the units range from 829 sq ft to 1,496 sq ft.

Sunway Geo Residences is part of a mixed development comprising retail shops, flexi suites and residences known as Sunway Geo, which has a gross development value of RM1.5 billion on a 23.4-acre land.

Sunway Property joint managing director Sarena Cheah said the JV will boost the Sunway brand in the Japanese market and pave way for potential collaborations with Mitsui Fudosan in other property projects.

"The JV will leverage Mitsui Fudosan's strength and its database of some 300,000 Japanese customers to bring them into Sunway South Quay so as to expand the international community within the development.

"With this JV, we anticipate heightened interest among the Japanese community in the remaining seven phases of the future development within Sunway South Quay," she added.