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Flash Note – Sunway (ADD, maintain) - Acquiring an additional 300 acres of Iskandar land: securing RM258m construction contract from SunREIT




Affin Hwang Investment Bank Bhd


24 Jan 2013





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Sunway-IIB to acquire another 300 acres of Iskandar land for RM184m Sunway announced that Harmony Impulse Sdn Bhd (a 60% Sunway, 40% IIBowned JVCo) had on 23 January 2013 entered into a supplemental sale and purchase agreement with IIB to acquire 300 acres of freehold land in Pendas, Iskandar Malaysia. This 300-acre land is in addition to a 779-acre land that the JVCo agreed to buy from IIB in December 2012 for RM417.m (RM12.16 psf). Under the supplemental sale and purchase agreement, the Sunway-IIB JVCo will acquire the 300-acre land for RM183.9m, to be paid on a staggered basis - 10% upfront and the remaining over 5 instalments from year 6 to 10.

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