SHAH ALAM, 26 January 2010 - Sime Darby Property Berhad and Sunrise Berhad, both recognised leaders in the Malaysian property scene, have formed a partnership through a 50:50 joint-venture (JV) company to jointly develop a prime lot in the heart of Bukit Jelutong, Shah Alam.

The partnership will leverage on the respective strengths of both companies, which are known for their expertise in quality stratified development, established brand name and international recognition.

Both companies will develop three lots of freehold commercial land measuring 20.95 acres in the 180-acre Bukit Jelutong Township.

Located opposite the Sime Darby Pavilion, the project is estimated to have a Gross Development Value (GDV) of RM1 Billion.

Speaking at the signing ceremony, Dato’ Tunku Putra Badlishah, Managing Director of Sime Darby Property Berhad said: “We are always looking at ways to accelerate the development of our landbank and partnering with reputable, like-minded developer like Sunrise Berhad, which is a leader in high-rise and commercial development in the country with projects like Solaris Dutamas, Solaris Mont’-Kiara, Plaza Mont’-Kiara and other award-winning high-rise residential projects.

“Through this strategic partnership, Sime Darby Property is able to unlock the value of its landbank and create a commercial hub within the township of Bukit Jelutong. This will further enhance the value of properties in the area,” he added.

“We are pleased to have the opportunity to join forces with Sime Darby Property. This synergistic partnership between our two strong brands rests on the core principles of a shared vision – to develop sustainable properties with appreciating value,” said Datuk Tong Kooi Ong, Executive Chairman of Sunrise Berhad. “Besides a unique offering of commercial spaces for work and leisure as well as dream homes, this mix commercial development will play an important role in fulfilling the demand for a quality and centralised activity node currently absent in Bukit Jelutong,” he added.

The project will have a gross built-up area of approximately 2.7 million sq ft, consisting of retail, shop-offices, office-suites and serviced apartments. The venture will be launched and developed in 5 phases from 2011 onwards. The overall project is expected to be completed in seven years from the launch of the first phase.

The joint-venture company will purchase the land from a subsidiary of Sime Darby Property for RM114.08 million or RM125psf. Under the terms of the agreement, the 50:50 joint venture will be jointly managed by representatives from both companies.

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

The new commercial centre 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 highways such as Guthrie Expressway, the Federal Highway, NKVE and ELITE.