Sunsuria Bhd targets RM1.55 bil GDV worth of launches in FY17

KUALA LUMPUR (Dec 2): Property developer Sunsuria Bhd has lined up projects with an estimated gross development value (GDV) of RM1.55 billion for launch in its current financial year ending Sept 30, 2017 (FY17).

Sunsuria, which posted a 230% surge in net profit to RM44 million in FY16 from RM13.3 million in FY15 — as revenue climbed 137% to RM202.4 million from RM85.6 million — expects a positive change not only from current projects but also project expansion in its first township, Sunsuria City by 2017.

Sunsuria said this in a statement filed with Bursa Malaysia following Wednesday’s release of its fourth quarter (4QFY16) results, which recorded a 430% jump in net profit to RM24.5 million from RM4.6 million in the same quarter last year, as revenue gained near three times to RM87.7 million from RM32.2 million.

It said growth in 2016 reflected its strong sales force, customer-centric practises and the ability to deliver quality projects and development that are ongoing such as Suria Residence at Bukit Jelutong.

Upcoming commercial developments like The Forum at Setia Alam and new commercial projects situated at Sunsuria City, Bell Avenue and Jasper Square also contributed to its FY16 performance.

Its executive chairman Datuk Ter Leong Yap said Sunsuria will continue to strive for greater growth backed by the several launches and development in the next few years.

He said Sunsuria City expansion includes its first residential development, The Olive condominium, and serviced apartments Bell Suites and a landed residential development called Monet Residences.

“Apart from the township projects, Sunsuria will be focusing on its second phase expansion of The Forum mixed commercial development at Setia Alam. All these projects in the pipeline will aim to contribute a total estimated target launch GDV of RM1.55 billion by 2017 financial year,” the group said.

At 3pm, its share price rose half a sen or 0.52% to 97.5 sen, for a market capitalisation RM782.9 million.— theedgemarkets.com