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Flash Note – Sunway Bhd (BUY, maintain) - Sunway partners Mitsui Fudosan




Affin Hwang Investment Bank Bhd


24 Oct 2013





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Sunway partners Mitsui Fudosan to develop 2 condos in South Quay Sunway announced that Sunway South Quay Sdn Bhd (a 60%-owned subsidiary) had on 23 October 2013 entered into a Subscription and Shareholders’ Agreement with SEA Investment Four Pte Ltd (a wholly-owned subsidiary of Mitsui Fudoson) to jointly develop 2 blocks of condominiums in Sunway South Quay. The JVCo (67% owns by Sunway, 33% by Mitsui Fudosan) will acquire from Sunway a piece of 6.8-acre land in South Quay for a total consideration RM59.2m (RM200 psf). The JVCo plans to develop 2 blocks of condominiums (Sunway Geo Residence) with 472 units and GDV of RM319m (average selling price of RM850 psf).

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