PETALING JAYA: Sunway Bhd unit Sunway South Quay Sdn Bhd has teamed up with SEA Investment Four Pte Ltd, a subsidiary of Mitsui Fudosan Co, to develop Sunway Geo Residences, here.
The project is expected to have gross development value (GDV) of RM319 million.
Under the pact, the project will be undertaken by a 67:33 joint-venture (JV) company known as Prosper Revenue Sdn Bhd. It is scheduled for launch next month and slated for completion in 2016.
Sunway Property joint managing director Sarena Cheah said the project comprises 472 units of residential condominiums within two 30-storey blocks with built-up areas ranging from 829 square feet to 1,496 sq ft.
"It is part of a mixed development comprising retail shops, flexi suites and residences known as Sunway Geo with an estimated GDV of RM1.5 billion on 9.47ha," Cheah said in a statement yesterday.
She said the JV will boost the Sunway brand in the Japanese market by leveraging on Mitsui Fudosan's strength and its database of about 300,000 Japanese customers.
"We hope the project will attract Mitsui Fudosan's customers into Sunway South Quay so as to expand the international community within the development," Cheah said.
"As the number of Japanese investors in Malaysia rises, this partnership paves way for potential collaborations with Mitsui Fudosan in other property developments," she added.
Located in Sunway Resort City's high-traffic healthcare and education precinct, the Sunway South Quay project is expected to benefit from Malaysia's first elevated Bus Rapid Transit (BRT)-Sunway Line.
The construction of the 5.4km BRT-Sunway Line connecting to a future LRT (light rail transit) line in the area is now in progress and is scheduled for completion by 2015.