#Update* Sime Property, Sunrise in JV for RM1b property project

KUALA LUMPUR: Sime Darby Property Bhd and Sunrise Bhd have formed a partnership through a 50:50 joint-venture (JV) company named Sime Darby Sunrise Development Sdn Bhd.

The JV company will develop three lots of freehold commercial land measuring 20.95 acres in the 180-acre Bukit Jelutong. Its gross development value is estimated to be RM1 billion.

Sunrise said on Tuesday, Jan 26 the JV is expected to create a development in Bukit Jelutong that will fetch high property value and appreciation to all stakeholders.

"Through the market know-how of Sime Darby Property in Bukit Jelutong and the property development know-how of Sunrise in large scale strata development, the JV is intended to liven up the predominantly residential Bukit Jelutong township," it said.

Sunrise said the proposed development is estimated to have a gross development value of RM1 billion and it will have a built-up area of approximately 2.7 million square feet, consisting of retail, shop offices, office suites and service apartments.

It added the development of the integrated retail, commercial, office, lifestyle and entertainment centre is timely as it will fulfill the immediate and long term needs of the Bukit Jelutong community as well as the catchment area of greater Shah Alam.

Sunrise said the proposed development will provide shopping convenience and easy access to services for the 25,000 residents and working population
in strategically located Bukit Jelutong, which has good access to a series of highways.

"The proposed development will be launched and developed in five phases from 2011 onwards. The overall development is expected to be completed in seven years from the launch of the first phase," it said.