Property developer Sunway City Bhd (SunCity) announced that it has entered into a joint venture with Hyderabad-based MAK Projects Private Ltd to develop a RM380 million condominium project in Hyderabad, India.
Under the agreement, SunCity will initially invest RM4 million to secure the project and subsequently increase it to RM17 million for a 60% stake in the 5.67hectare project.
Located 8km from the newly opened Rajiv Gandhi International Airport and 21km from the Hyderabad city centre, the first phase of the development will be launched by early 2009.
The project will feature 1,500 condominium units which will be completed in several phases over the next three years. The average size of the units is about 1,500 sq ft with an average selling price of RM208 per sq ft
This is SunCity's second investment in India. In July 2007, it signed an agreement to develop Sunway Opus Grand Residency, another high-end condominium development on a 14.18hectare located in the suburb of Ameenpur, about 15km northwest of Hyderabad.
SunCity said it is on target to launch the RM1.5 billion Sunway Opus Grand Residency in April this year. The company also hopes to expand to other countries in the region such as China and Vietnam. Currently, it has presence in Australia, Cambodia and India.
