Sunsuria sets up JV with Taiwanese to develop project in Selangor

Property developer Sunsuria Bhd is partnering Taiwan-based Welcome Global Co Ltd for a mixed development project at Sunsuria City in Salak Tinggi, Selangor.

A joint venture company, Sunsuria Everrich Sdn Bhd, has been set up for the purpose, with Sunsuria owning a 60% stake and Welcome Global owning the remainder stake. Welcome Global is part of construction firm Ever Rich Land Co Ltd.

The project, to be located on an 8.48 ha parcel, would comprise a unique theme-designed mixed-development including serviced apartments, retail shops, a mall and a boutique hotel.

The company said in a stock-exchange filing that the application for planning approval would be submitted by the second half ofthis year.

“The estimated total gross development value of the project is approximately RM694mil,” it said, adding that the project would commence next year and be completed by 2023.

The company said the total gross development cost has not been determined and would be be finalised at a later stage.

Sunsuria said the joint venture would enable the company to unlock the value of the land.

Sunsuria said the partnership would build on the expertise and technical know-how of Ever Rich especially for the proposed mall and boutique hotel.

“In addition, the proposed joint venture is expected to pave the way for future collaboration between Sunsuria group and Ever Rich both locally and overseas,” it said. - The Star