Sunsuria eyes RM900m in sales

PETALING JAYA: Sunsuria Bhd, which is planning RM1 billion worth of launches in the next 12 months, is targeting property sales of RM900 million in the financial year ending Sept 30, 2016 (FY16) and RM1 billion per year thereafter.
Sunsuria recently changed its financial year to Sept 30, from March 31 previously.
Executive director Koong Wai Seng said it expects FY16 sales to be generated mainly from the Xiamen University Malaysia township in Salak Tinggi.
Sunsuria is slated to launch properties with a gross development value (GDV) of RM1 billion in the next 12 months, mainly in the Xiamen University Malaysia township and in Medini, Johor.
The first phase of the Xiamen University Malaysia township, measuring about 40 acres, has a GDV of RM900 million and will be launched within this year. It will consist of 663 units of residential properties, of which 200 units will be linked houses in the range of RM500,000 and the rest are low-rise apartments priced below RM400,000.
"It's going to be rolled out in the next 12 months, of which majority is happening in the next six to nine months," Koong told a press conference after its EGM here.
The Xiamen University Malaysia township project has a GDV of RM6.4 billion and located within the township is China's first overseas university, the 331.27 acres Xiamen University Malaysia Campus and the Kuala Lumpur International Outlet, a US-based premium outlet.
Earlier at the EGM, shareholders approved its proposed acquisition of a 50% stake in Sime Darby Sunsuria Development Sdn Bhd from a subsidiary of Sime Darby Bhd, and a 21% stake in Sunsuria Medini Sdn Bhd. The approvals for a proposed transaction in Sunsuria Gateway Sdn Bhd and proposed subscription in Rentak Nusantara Sdn Bhd were also obtained.

The acquisitions have boosted Sunsuria's landbank from 4.71 acres to 425 acres, also helped by its executive chairman Datuk Ter Leong Yap's injection of assets into the group.
"For future growth, we will look for bigger tract of land for our long term or mid term strategy," Koong said.
Meanwhile, Ter said the overall property market is affected in Malaysia, and that the slowdown is partly because of the Goods and Services Tax.
"It's a matter of how people get used to it. Generally, Malaysians like to invest in properties and the buying mood is still strong. What's affected the most are bank loans, which are tougher (to obtain)," said Ter.