SunCity to woo foreign buyers for latest project

SunCity to woo foreign buyers for latest project

By CHAN CHING THUT

PETALING JAYA: Sunway City Bhd (SunCity) hopes to attract more international buyers, especially those from the Middle East and Japan, to invest in its latest development project – Sunway South Quay.

SunCity and South Korean property developer CI Korea Co Ltd yesterday inked a deal to develop a precinct, known as Residential Condominium 4 (RC4) with a gross development value (GDV) of RM200mil, in Sunway South Quay. It will comprise 249 condominiums on 3.4 acres for the South Korean community.

CI Korea will pay RM3.5mil non-refundable earnest money to retain its right to participate in this collaboration, including its intention to purchase en-bloc all the condominiums, subject to approvals. The collaboration will also include marketing and technical aspects of condominium design.

Sunway Group founder and chairman Tan Sri Dr Jeffrey Cheah expressed hope of starting construction of RC4 within four months, once the necessary approvals had been obtained.

“I am confident that they (South Koreans) will spend more than RM500mil in Sunway South Quay.

“It is a fantastic opportunity for them. What we have here are ideal for holiday or for them to live here under the Malaysia My Second Home programme,” he told reporters after the formalisation of the agreement between both parties yesterday.

SunCity senior managing director Datuk Wong Choon Kee and CI Korea chief executive officer Jeon Byung Kwon signed the agreement.

In his speech, Jun also expressed interest in working together with SunCity on parcel (Residential Condominium 3) RC3, which is adjacent to RC4. RC3 comprises 353 condominiums with an estimated GDV of RM250mil.

Cheah said the company was currently in talks with potential investors from the Middle East and Japan.

“We are currently negotiating with Kuwait Finance House (which has a 20% stake in Sunway South Quay) to work out a Middle Eastern village to attract purchasers.

“We have spoken to a few groups from Japan but nothing is finalised yet. We hope to conclude a deal as soon as possible,” he added.

The 178-acre Sunway South Quay, with a total GDV of RM3.7bil, will be launched next month. The first phase will consist of 77 luxury lakeside bungalows with GDV of RM300mil. The whole project will take about seven years to complete.