clock 27-10-2018
hit 360

Sunway Enters JV With MKH Bhd for a RM540 Mil Transit-Oriented Freehold Mixed Development in Kajang

Sunway Berhad, through its wholly-owned subsidiary, SunwayMas Sdn Bhd, signed a shareholders' agreement with Perkasa Bernas (M) Sdn Bhd, a subsidiary of MKH Berhad, for a joint venture vehicle, Daksina Harta Sdn Bhd via SunwayMas' disposal of four ordinary shares in Daksina to Perkasa, at a total consideration of RM5 million.

The disposal price was arrived at after taking into consideration the net assets and earnings prospects of Daksina. Through their subsidiaries, Sunway will hold 60% equity stake in Daksina, while MKH will hold the remaining 40%. The joint venture will leverage Sunway's brand and track record together with MKH's market knowledge and expertise in Kajang to develop a transit-oriented mixed development worth RM 540 million on the 5.28-acre freehold land.

Located less than one kilometre from Kajang town, the development will be directly linked to the Sg Jernih MRT Station via a link bridge. The development will comprise commercial lots and residential units and is expected to be launched in the fourth quarter of next year, and be completed within four years. The project will include affordable units.

The development will be another Sunway transit-oriented integrated development in Kuala Lumpur. Sunway's transit-oriented mixed development in Cheras, Sunway Velocity, has garnered positive response over the years from the public. It comprises residential, commercial, healthcare, education, hospitality and retail elements with public spaces. The recently launched, Sunway Velocity TWO, located opposite the mixed development is anticipated to add more value to the vicinity and locals of Cheras.

The Proposed Joint Venture is not expected to have any immediate material effect on the earnings per share, net assets per share and gearing of Sunway for the financial year ending 31 December 2018.



Use a Facebook account to add a comment, subject to Facebook's Terms of Service and Privacy Policy. Your Facebook name, photo & other personal information you make public on Facebook will appear with your comment.


Monthly Column
The staple of your property-related materials. It's all about being ahead of the game and with The Column, you get carefully selected information that will keep you informed and running with the pack. The best news, articles and properties on the market from the Property Hunter portal, conveniently wrapped and ready, just for you.

Weekly Window
Your weekly dose of what's hot and what's not in property. The window is your view into the realm of real estate in Malaysia, curated from our portal based on the most popular pieces over the week. For those who just can't get enough, this is for you. Ain't nobody got time for dailies anymore, weekly is the new daily.