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PETALING JAYA: Sunway City Bhd (SunCity) is eyeing a slice of Government-owned prime tracts which will be tendered out to the private sector for development under the New Economic Policy (NEM).
The company is studying the feasibility of potential real estate development within the sites along Jalan Stonor, Jalan Ampang and Jalan Lidcol near the iconic Petronas Twin Towers, according to Ngian Siew Siong who is the managing director of SunCity international property development unit.
“The government said that the land is up for development, but the bidding is not open yet,” Ngian told reporters on the sidelines of SunCity's seminar entitled ‘Future Trends in Property’ here today.
Ngian said SunCity hoped the government would make a decision soon on the open tender for the prime tracts and provide updates on how the sites were intended to be developed.
Malaysian policymakers, under the recently-announced NEM, is seeking private bidders for the sites to undertake property development projects there.
This is to relieve the Government of the financial obligations to maintain the tracts, Prime Minister Datuk Seri Najib Tun Razak said last month.
At the same time, the Government and Employees Provident Fund plans to initiate a joint venture to undertake the development of some 3,000 acres of land within the Sungai Buloh enclave.
Collectively, potential real estate projects on the tracts in the city centre, and Sungai Buloh are expected to generate over RM5 billion worth of new investments, Najib said.
SunCity is the second property developer which has expressed interest in the tracts in the city centre after rival S P Setia Bhd. Ngian said SunCity had a good track record and stood a good chance to secure a portion of the strategic-located tracts.
At SunCity's seminar, Ngian said the firm would embrace the LOHAS (Lifestyle of Health and Sustainability) philosophy into its property development projects. The five pillars of LOHAS include health and fitness, environment, personal development, sustainable living and social justice.
“As Malaysia’s pioneer in green buildings, our business model is built upon environmentally and economically sustainable business practices,” he said.
As of March 1, 2010, SunCity has a land bank of 1,466 acres with a with a potential gross development value of RM12.8 billion.
The company is studying the feasibility of potential real estate development within the sites along Jalan Stonor, Jalan Ampang and Jalan Lidcol near the iconic Petronas Twin Towers, according to Ngian Siew Siong who is the managing director of SunCity international property development unit.
“The government said that the land is up for development, but the bidding is not open yet,” Ngian told reporters on the sidelines of SunCity's seminar entitled ‘Future Trends in Property’ here today.
Ngian said SunCity hoped the government would make a decision soon on the open tender for the prime tracts and provide updates on how the sites were intended to be developed.
Malaysian policymakers, under the recently-announced NEM, is seeking private bidders for the sites to undertake property development projects there.
This is to relieve the Government of the financial obligations to maintain the tracts, Prime Minister Datuk Seri Najib Tun Razak said last month.
At the same time, the Government and Employees Provident Fund plans to initiate a joint venture to undertake the development of some 3,000 acres of land within the Sungai Buloh enclave.
Collectively, potential real estate projects on the tracts in the city centre, and Sungai Buloh are expected to generate over RM5 billion worth of new investments, Najib said.
SunCity is the second property developer which has expressed interest in the tracts in the city centre after rival S P Setia Bhd. Ngian said SunCity had a good track record and stood a good chance to secure a portion of the strategic-located tracts.
At SunCity's seminar, Ngian said the firm would embrace the LOHAS (Lifestyle of Health and Sustainability) philosophy into its property development projects. The five pillars of LOHAS include health and fitness, environment, personal development, sustainable living and social justice.
“As Malaysia’s pioneer in green buildings, our business model is built upon environmentally and economically sustainable business practices,” he said.
As of March 1, 2010, SunCity has a land bank of 1,466 acres with a with a potential gross development value of RM12.8 billion.
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