Outlook still bright for Sunrise

Sunrise Bhd, well known for its landmark projects in the Mont' Kiara enclave, hopes to garner good margins when it launches properties in Selangor and Johor in future.

In Selangor, it has 22ha near the Mines in Seri Kembangan, acquired a few years ago.

Sunrise is targeting an upper middle class development encompassing condominiums, bungalows, double-storey link and semi-detached homes, worth in excess of RM300 million.

"The company is relooking the planning of the whole development to seek the best products for the area. It will launch properties when demand for houses improves," a company official said.

In Mersing, Johor, where it has 160ha oil palm plantation land, the company will launch properties when the market ripens, even if it takes a few more years.
Sunrise has held back launches in Mersing as it felt the market was not ready for large-scale projects.

"We are in no hurry to push the company's resources there or to launch. We want to focus on areas where there will be profitability for the company," the official told Business Times.

Besides its five ongoing projects in the Klang Valley, worth a combined RM3 billion, Sunrise is developing a township worth around RM500 million on 80ha in Seremban, Negri Sembilan.

Given the current global financial meltdown, Sunrise will continue to take proactive steps for new launches, the official said.

In Mont' Kiara, the company still has 32ha with an estimated gross development value of more than RM3 billion, which will continue to be its cash cow for the next six to eight years.

Sunrise executive deputy chairman Datuk Allan Lim Kim Huat said last month that it was going ahead with the launch of two projects in Malaysia and one in Canada next year, worth a combined RM2.5 billion.

They comprise its RM970 million flagship project on 2ha in Richmond, Canada, that will build five condominium blocks with some commercial elements; 28 Mont' Kiara, a six-star condominium development; and Solaris Towers, consisting of two office blocks.

By Business Times (by Sharen Kaur)