The project, located opposite the Sime Darby Pavilion, has an estimated gross development value (GDV) of RM1.0 billion.
Both companies formed a 50:50 joint venture (JV) company today to develop the project. The company will be known as, Sime Darby Sunrise Development Sdn Bhd.
Speaking to reporters after the JV signing ceremony today, Sime Darby Property Managing Director Datuk Tunku Putra Badlishah Tunku Annuar said the project, would have a gross built-up area of approximately 2.7 million square feet.
It will comprise retail outlets, shop-offices, office-suites and serviced apartments.
He said the project would be launched and developed in five phases from 2011 onwards and is expected to be completed in seven years.
According to Tunku Putra Badlishah, Sime Darby Property is looking to accelerate the development of its landbank through strategic partnerships, with like-minded property developers.
The company is also in talks at the moment with a few developers on strategic partnerships.
At present, Sime Darby Property's total landbank stands at 14,800 hectares.
By Bernama
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