September 23, 2008 19:34 PM
Sunway Wins RM1.8 Bln Abu Dhabi Contract
KUALA LUMPUR, Sept 23 (Bernama) -- Sunway Holdings Bhd's unit will undertake a RM1.8 billion project to construct the main building works of Rihan Heights, under phase one of the Arzanah mixed use integrated development project in Abu Dhabi, the United Arab Emirates (UAE).
In an announcement to Bursa Malaysia Tuesday, Sunway Holdings said the wholly-owned unit of Sunway Construction Sdn Bhd (SunCon), Sunway Innopave Sdn Bhd, had a 60 percent stake in the Silver Coast-Sunway Innopave Joint Venture, established to carry out the project.
Its partner in the venture is Abu Dhabi-based Silver Coast Construction and Boring LLC, which holds the remaining 40 percent in the joint-venture company.
SunCon's Senior Managing Director, Datuk Tan Kia Loke said the contract was awarded by Mubadala CapitaLand Real Estate LLC (Capitala).
Capitala is a strategic joint venture company of Mubadala, which is a leading business development and investment company in Abu Dhabi, and CapitaLand, one of Asia's largest real estate companies.
Mubadala holds the majority 51 percent stake in Capitala with the balance held by CapitaLand.
Tan said the project is strategically located at the gateway point on Abu Dhabi island, and is part of the fully integrated, mixed use development surrounding the Zayed Stadium.
"Our contract will involve the construction of five residential towers, a three-level podium, 14 townhouses, a clubhouse and 1,208 car park together with associated landscaping, external works and services.
"This project represents another step in the Sunway Group's globalisation plans where SunCon is expanding our business interests and construction expertise to more countries," Tan said.
SunCon has to date undertaken projects in Singapore and India as well as Trinidad and Tobago.
The contract will boost SunCon's order book to approximately RM3.3billion of which more than 60 percent will be from overseas projects. This will keep the Group busy for the next three years.
-- BERNAMA