PETALING JAYA: Two major property groups, Sunrise Bhd and Sime Darby Property Bhd, have teamed up to jointly develop a RM1bil integrated commercial property project in Bukit Jelutong, Selangor.

“The proposed development will be launched and developed in five phases from 2011 onwards,” Sunrise said yesterday in a statement to Bursa Malaysia.

The project will be undertaken via a joint venture (JV) vehicle – Baywood Avenue Sdn Bhd – with each party holding 50% stake.

Baywood has entered into sale and purchase agreements to acquire three parcels of freehold land totalling 20.95 acres from Sime Darby Bhd’s wholly owned subsidiaries Highland & Lowlands Bhd and Augsburg (M) Sdn Bhd for RM114mil. Sunrise’s share of the purchase price amounts to RM57mil.

“Through this strategic partnership, we are able to unlock the value of its landbank and create a commercial hub within the township of Bukit Jelutong,” Sime Darby Property managing director Datuk Tunku Putra Badlishah said in a separate joint statement.

“This will further enhance the value of properties in the area.”

The overall project was expected to be completed in seven years from the first launch.

“It is expected that the JV will also pave the way for future collaboration between Sunrise and Sime Darby Property,” Sunrise said.

The commercial development will have a built-up area of 2.7 million sq ft, consisting of retail, shop offices, office suites and service apartments.

“The proposed development will provide shopping convenience and easy access to services for the 25,000 residents and working population in Bukit Jelutong, which has good access to a series of highways,” Sunrise said.

Source: thestar biz

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