Sunway-Iskandar Investment JV plans RM6b GDV project in Johor

Sunway Bhd’s 60% owned Harmony Impulse Sdn Bhd (HISB) is teaming up with Iskandar Investment Bhd to undertake a mixed development project with a gross development value (GDV) of RM6bil.

It said on Wednesday Harmony Impulse was buying 300 acres of land in Iskandar Malaysia from Iskandar Investment for RM183.88mil based on RM14.07 per sq foot.

The acquisition of the land followed the earlier purchase of 412.75 acres (Pendas North Land) for RM375.33mil also in Iskandar Malaysia on Dec 4, 2012.

Sunway said the rationale to purchase the 300 acres of land was based on the development potential, prospects and location to the east of the Western Pendas South Land.

“The proposed mixed development on the second plot is expected to generate GDV amounting to approximately RM6bil,” it said.

Sunway added the acquisition was the group’s strategy to further strengthen its foothold in Johor as well as the potential cost savings from synergistic benefits .

It is expected to generate substantial synergies with Sunway’s proposed development as well as create the potential for an even larger and more integrated township development

“Further, the proposed acquisition will increase Sunway’s landbank in Iskandar Malaysia to approximately 1,858 acres and propel Sunway to become one of the largest land owners in this high growth region,” it said.

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