KUALA LUMPUR: Sunway City Bhd (SunCity) says its property investment division will experience growth this year as new properties are added to its portfolio- Managing director for property investment Datuk Ngeow Voon Yean said there will be new developments at its RM1-5 billion Sunway City Ipoh (SunCity Ipoh) township in Perak- SunCity plans to build a shopping village worth more than RM1 billion at the township- It will feature the Lost World shopping mall, serviced apartments, SoHo (small office/home office) and food outlets by the riverside- Besides attracting local and foreign investors, SunCity is looking at generating long-term stable income for the company, Ngeow said in an interview with Business Times recently "We want to grow the township as it now contributes less than 5 per cent to SunCity's earnings- The shopping village will give us positive returns," he said SunCity Ipoh is the largest single integrated township in Perak- The 560ha project, which started in 1995, is a joint venture between Perbadanan Kemajuan Negeri Perak, Yayasan Negeri Perak and SunCity- It is designed to be the growth catalyst for the Eastern Development Corridor of Ipoh- Ngeow said some 70 per cent of the land has been developed- Besides houses, it comprises the Lost World of Tambun water theme park, The Banjaran Hotsprings Retreat, Sunway College, Giant and Extreme Park- Properties under construction include phase two of Lost World Hotel, which will open by end-2011- The hotel encompasses two four-storey blocks, housing 127 rooms and 27 family suites- The first block with 96 rooms opened last month- "If demand for the hotel grows, we will definitely set up more hotels at the township," he said- The Lost World Hotel and The Banjaran are the first series of hospitality assets at the township- SunCity's investment division currently comprises a collection of hotels and resorts, shopping malls, office buildings, universities, theme parks and a hospital, mainly located at its Sunway Integrated Resort City in Bandar Sunway, Selangor- ...
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