SunCity in RM380m India condo venture

PROPERTY developer Sunway City Bhd (SunCity) said a joint venture agreement has been sealed with Hyderabad-based MAK Projects Private Ltd to develop a RM380 million condominium project in Hyderabad, India.

SunCity will initially invest RM4 million to secure the project and subsequently increase it to RM17 million for a 60 per cent stake in the 5.67ha project.

The project will feature 1,500 condominium units that will be completed in several phases over the next three years.

The average size of the units is about 1,500 sq ft with an average selling price of RM208 per sq ft.

Located 8km away from the newly opened Rajiv Gandhi International Airport and 21km away from the Hyderabad city centre, Phase One of the development is targeted for launching by early 2009.

This is SunCity's second investment in India; the first being Sunway Opus Grand Residency which was signed in July 2007, another high-end condominium development on a 14.18ha located in the suburb of Ameenpur, about 15km northwest of Hyderabad.

SunCity said it is on target to launch the RM1.5 billion Sunway Opus Grand Residency next month.

SunCity also hopes to expand to other countries in the region such as China and Vietnam. Currently, it has presence in Australia, Cambodia and India.

By New Straits Times