KUALA LUMPUR, Sunway Bhd’s wholly-owned subsidiary, Sunway Iskandar Development Sdn Bhd (SIDSB), has established a perpetual medium-term note (MTN) programme of up to RM2 billion to finance its flagship Johor township, Sunway City Iskandar Puteri (SCIP).
SIDSB, which is spearheading the development of a 1,300-acre mixed-use project in Pendas, lodged the MTN programme with the Securities Commission Malaysia. The framework allows the company to issue bonds worth up to RM2 billion in tranches, including “green” or sustainability-linked notes aligned with global standards.
Alliance Bank Malaysia Bhd has been appointed as the principal adviser, lead arranger, lead manager, and facility agent. While the MTN programme itself is unrated, individual issuances may be rated at a later stage. Proceeds will be channelled into development expenditure, working capital, and other corporate requirements.
SCIP spans 2,000 acres with a projected gross development value exceeding RM30 billion, to be completed over 20–30 years. The township integrates logistics, education, hospitality, retail, commercial, and residential components, anchored by its two key precincts—Riverside and Capital. Notably, SCIP is Johor’s only township to secure a provisional silver rating under the Green Building Index.
Sunway secured full ownership of SIDSB in August 2023 after acquiring the remaining 40% stake from Iskandar Assets Sdn Bhd for RM85 million, cementing its commitment to making SCIP its next flagship township. On Friday, Sunway shares closed two sen higher at RM5.31, valuing the group at RM33.3 billion.
