KUALA LUMPUR: Property developer Sunsuria Bhd recently acquired a 33.0 per cent equity interest in Bangsar Hill Park Development Sdn Bhd (BHPD) for RM71.4 million from Suez Capital Sdn Bhd (SCSB) and Dasar Temasek Sdn Bhd (DTSB). BHPD is an existing 51 per cent-owned subsidiary of Sunsuria and upon completion of the acquisition, the company’s shareholding in BHPD will increase from 51.0 per cent to 84.0 per cent.
Commenting on the acquisition, Sunsuria’s group chief executive officer Tan Wee Bee said the acquisition augurs well for the company as it would allow it to further consolidate the financial performance of BHPD, ultimately recognising a higher contribution from BHPD to Sunsuria’s profit attributable to the shareholders (PATAMI).
Image Source: Suezcap
“Additionally, this strategic initiative is set to strengthen Sunsuria’s presence in the highly sought-after Bangsar area, underscoring our steadfast commitment to expanding our footprint in key markets.
“The scarcity of development land in Bangsar, coupled with the area’s high demand for properties, makes the project an attractive development overall.
“Furthermore, the project is situated in a highly convenient location, accessible via major highways in the Klang Valley, and is within walking distance to the Bangsar light rail transit (LRT) station,” he said in a recent statement.
BHPD is a property development company that owns and develops the Bangsar Hill Park development project. With a total gross development value (GDV) of approximately RM2.9 billion, the project comprises eight blocks of high-rise residential units strategically located along Lorong Maarof, Bangsar. Launched in August 2020, the entire project is scheduled for completion in May 2029.
“The confidence is supported by the strong market response to the Project’s initial phases.
“The first two high-rise residential blocks, Block D and Block E have demonstrated impressive take-up rates which propelled to the successful launch of Block C, Talisa, and its new show unit and property gallery in KL Gateway Mall recently,” Tan added.
RHB Investment Bank Bhd has been appointed as principal adviser while Newfields Advisors Sdn Bhd has been appointed as the financial adviser.
“During the financial year ending on September 30, 2023 (FY23), Sunsuria posted a positive financial performance, with notable contributions from BHPD.
Recognising the promising potential of this project in its upcoming development phases, Sunsuria aims to enhance its involvement by increasing its stake.
“Leveraging Sunsuria’s extensive property experience, we can contribute to this Project, always keeping the community at the forefront of everything we do,” Tan said.
The acquisition is expected to be funded through internally generated funds and bank borrowings and is expected to be completed by the first half of 2024.
