AP News SUNWAY Opus Grand Residency With High-End Lakefront Condominiums Set For Launch In 2008
AP News SUNWAY Opus Grand Residency With High-End Lakefront Condominiums Set For Launch In 2008
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| SUNWAY Opus Grand Residency With High-End Lakefront Condominiums Set For Launch In 2008 |
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SUNWAY Opus Grand Residency, set for launch in the middle of next year,
will mark Sunway City Bhd’s (SunCity) maiden foray in the vast Indian
property market.
Sunway City Bhd has teamed up with Opus Developers & Builders Pte Ltd to undertake a RM1.5 billion residential development project comprising deluxe residential apartments on a 14ha parcels of land in Andhra Pradesh, India, in a deal worth RM1.5 billion. Announcing the venture, SunCity said its wholly owned subsidiary Sunway City India Pvt Ltd had entered into a 50:50 joint-venture agreement with Opus Developers to undertake the project, expected to commence in mid 2008. Located in the suburb of Ameenpur, about 15km northwest of Hyderabad, the 3,400 high-end lakefront condominiums is set to woo the growing Indian property buyers looking for premium quality residences. “The modern and practical designs of our residences are set within an eco-friendly environment and facilities to meet the changing lifestyle of the Hyderabad folks,” managing director (property development) Ngian Siew Siong said. “Sunway Opus Grand Residency seeks to be differentiated by introducing resort-style living design concepts and international quality standard with a well-planned premium product,” SunCity said. A floating boutique clubhouse on a lake will provide a host of lifestyle amenities, including lakeside spa and fitness retreat and a lake-view environmental deck.  SunCity will have an effective 50% stake in the joint venture and a profit sharing of 40.5% that will provide a net profit of RM10mil in financial year 2009 and RM30mil in 2011. Ngian said its location near Hyderabad’s Hitech City made the project an ideal address for the growing population of senior information technology professionals working in the biotech city who are seeking more premium housing. The freehold site is also strategically located about 4.5km from the NH9 national highway, which connects to Mumbai. The site is close to the Hyderabad Outer Ring Road and the city’s mass rapid transport system, both to be completed in 2009. Ngian said the company expected demand to come from local Indians who are benefiting from Hyderabad’s buoyant economy and in particular, purchasers from the more densely populated Kukatpally, which is 3km away. Being the leading bio-tech hub of India, the high-tech city of Hyderabad has more than 100 million sq ft of built-up IT space that are occupied by multinational software giants such as Microsoft, Dell, Google, Wipro and Infosys. “With its largely under-developed real estate sector and growing demand for well designed and foreign branded residences, SunCity is well placed to become a market favourite by leveraging on our brand premium and good product offerings,” SunCity senior general manager of sales and marketing, Sarena Cheah said. She said the rapid urbanisation trends, people’s rising affluence from the IT boom, growing number of households and shortage of good-quality housing had created a huge untapped market for developers with strong products. SunCity’s second project in India, Sunway Prajay condominiums on five acres in Hyderabad, will comprise 400 luxury high-rise residences with a potential RM300mil GDV. The project is scheduled for launch in 2009.             |
