PROPERTY developer Sunway City Bhd (SunCity) is ready to launch its RM1.5 billion high-end condominium project in Andra Pradesh, India, by the middle of next year.

The Sunway Opus Grand Residency project is a 3,400-unit condominium development located close to Hitec City IT Park, considered the second Silicon Valley of India.

This will enable SunCity to tap into senior information technology (IT) professionals looking for premium quality homes, the company said in a statement today.

Total size of the project is 14 hectares (35 acres), SunCity said, adding that the project is in line with its strategic direction of regional expansion and to export its real estate expertise.

The company is confident that its brand positioning, with emphasis on quality and attention to design and detailing, will be able to command a premium price of RM280 per gross square foot when the project is launched in mid-2008.

“The large-scale project also enables better price appreciation for each subsequent phase of launch to RM350 per gross square foot or more,” it said.

Sunway expects the condominium development to be completed within five years.

“With the bullish outlook in India’s property market, SunCity’s management targets to expand to other Indian cities like Pune and Bangalore,” the company said.

SunCity has an ongoing project in Phnom Penh, Cambodia, and is also keen to expand to other emerging markets like Vietnam and China. — Bernama

Source

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