Sunsuria to take full control of Suria Serenia project

PETALING JAYA: Sunsuria Bhd is buying a 50% stake it does not own in Sime Darby Sunsuria Development Sdn Bhd (SDSDSB) from Sime Darby Property (Sungai Kapar) Sdn Bhd for RM173.4 million.
In a statement released yesterday, the property developer said the acquisition sum translates to RM41 per square foot after having considered the possible adjusted land areas and after deducting outstanding land payments by SDSDSB to vendors as well as shareholders advances.
SDSDSB was incorporated as a 50:50 joint venture company between Sime Darby Property and Sunsuria to undertake a proposed property development project known as Suria Serenia, Putrajaya South on the 331.27 acres of freehold land.
(wksun)
The Suria Serenia development is an integrated development surrounding the upcoming Xiamen University Malaysia campus and is strategically connected with the Express Rail Link and highways.
Following completion of the conditional share purchase agreement, Sunsuria will have full control of SDSDSB, which represents a significant milestone for Sunsuria to optimise the value and effective implementation of the development being a smart liveable and sustainable city.