SunCity to develop RM500m Korean precinct
Posted on | March 15, 2007
By ISABELLE FRANCIS
Sunway City Bhd (SunCity) has teamed up with CI Korea Co Ltd to develop a RM500 million precinct for the Korean community within its Sunway South Quay project.
SunCity chairman Tan Sri Jeffrey Cheah said the collaboration was just the start of more such developments for its RM3.7 billion Sunway South Quay project.
“We are hoping to get the Middle Eastern and Japanese communities too,” he told reporters in Petaling Jaya on March 15 after a signing ceremony to formalise the partnership with CI Korea.
Cheah said it was in talks with Japanese developers and Kuwait Finance House, a shareholder of the Sunway South Quay, for the development of Japanese and Middle Eastern communities.
He said the partnership with CI Korea would involve the marketing and technical aspects of condominium design and would leverage on the latter’s expertise in developing facilities for senior citizens.
Cheah said it would initially involve 249 condominium units with a gross development value (GDV) of RM200 million, on a 1.4ha piece of land. The units will be sold to CI Korea.
He said it would also develop another 353 apartment units with a GDV of RM300 million on an adjacent land measuring 1.36ha.
Cheah expects construction of the Korean precinct to start within the next four months.
He also said both parties would work together to design and market value-added programmes involving its properties and services, particularly at Sunway City Ipoh, Sunway Medical Centre, Sunway Lagoon Theme Park and Sunway Resort Hotel.
On a separate matter, Cheah said it would be launching the first phase of its South Quay project in April, consisting 77-luxury lakeside bungalows with a gross development value of RM300-RM400 million.
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