SUNSURIA Bhd has ventured into the development of a high-rise residential project in Bangsar and a high-rise mixed commercial project along Lorong Tuanku Abdul Rahman.
It came after the company signed a conditional shares subscription and shareholders’ agreement with Bangsar Hill Park Development Sdn Bhd (BHP Development), Suez Capital Sdn Bhd, Dasar Temasek Sdn Bhd and Sunsuria KL Sdn Bhd.
In a filing with Bursa Malaysia today, Sunsuria said it will acquire a 51% stake in property developer BHP Development for RM8.44 mil.
“The agreement will see Sunsuria developing a parcel of residential development land measuring 3.97 hectares along Lorong Maarof in Bangsar, which will be officially launched under the project name Bangsar Hill Park,” the statement said.
“With an estimated gross development value (GDV) of RM3.01 bil, Bangsar Hill Park comprises eight blocks of residential apartments and estimated to be completed by 2028,” it added.
Sunsuria also entered into a conditional shares sale and purchase agreement (SSPA) to acquire an investment holding company, Bumilex Construction Sdn Bhd for RM2.
Bumilex, via its 51% subsidiary Montflex Sdn Bhd, owns the development rights over two plots of land along Lorong Tuanku Abdul Rahman in KL.
Under the SSPA, Sunsuria plans to develop the land into a high-rise mixed commercial project known as Nadi @TAR, which measures 0.47 hectares in total.
“The proposed development has an estimated GDV of RM524.8 mil and will feature seven storeys of retail space, 22 storeys of office suites with an office lobby, a 10-level parking lot, three storeys of office space with a multipurpose hall and one storey of retail space,” Sunsuria said.
Construction for the commercial development is set to commence in the second half of 2021 and scheduled to be completed by the end of 2025.
The acquisitions are expected to contribute positively to the earnings of Sunsuria over the long term through income contribution from the development projects, as well as opportunities for the group’s construction arm to tender for construction contracts to develop Bangsar Hill Park and Nadi @TAR.
“While we exercise prudence in investments amid a Covid-19 economy, we remain committed to investing in partnerships and agreements that deliver long-term value to our customers and shareholders,” said its executive chairman Ter Leong Yap. – Oct 2, 2020