Business

Friday October 30, 2009

Sunrise to build 460 condo units in Mont’ Kiara


KUALA LUMPUR: Sunrise Bhd plans to launch three new developments in the Klang Valley in the next few months, starting with the MK28 project comprising 460 condominiums in Mont’ Kiara in December, said executive chairman Tong Kooi Ong.

Next in line will be the construction of two office towers at Jalan Sultan Ismail near the Renaissance Hotel here in January. Tong declined to elaborate on the third project.

“MK28 will take about three years with units ranging from 2000 to 3000 sq ft and we have just finished the groundwork for the project,” he said yesterday after the company AGM.

Tong said the commercial project at Jalan Sultan Ismail would take about four years.

Tong Kooi Ong ... ‘MK28 will take about three years

“The office towers, which will be over 30 stories high, will cater for the niche market and the net saleable area will be about 550,000 sq ft,” he said.

The company had also ventured into Canada to develop residential and retail properties, he added, without elaborating.

“We hope to launch the project (in Canada) by the middle of next year but this is subject to approval by the authorities. We are also looking at other countries in Asia for our overseas ventures but nothing has been firmed up,” Tong said.

On the Government’s proposal to reimpose the 5% real property gains tax (RPGT) from Jan 1, Tong said it was not a bad idea as this would help curb speculative buying in the property industry.

“The industry will like to see sustainable long-term growth and not a market bubble. We think the RPGT will prevent bubbles from building up in the property industry and we too believe that the RPGT will not affect our business,” he said.

The company’s total unbilled sales stood at about RM860mil which will be realised over the next two years, Tong said.

“We are also trying to achieve zero gearing in the future,” he said, adding that the company’s current debt level was about RM500mil.

For its 2009 financial year ending June 30, Sunrise recorded RM804mil in sales and a net profit of RM156mil.

In FY2008, Sunrise chalked up RM686mil in sales and a profit of RM160mil.


SUNRISE : [Stock Watch] [News]


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