Sunsuria exercise prudence in growing its land bank, future GDV

Sunsuria Berhad is exercising prudence in spending and in growing its land bank and future gross development value (GDV).

While it continues to do this, the group said it also sees opportunities arising amid the Covid-19 pandemic.

“With emerging good news on the efficacy of vaccines, the board is looking forward to welcoming a brighter and more exciting financial year 2021,” it said in a filing with Bursa Malaysia yesterday.

Sunsuria’s ongoing projects are Monet Springtime, Monet Garden, Giverny Walk, and Tangerine Suites at Sunsuria City, as well as The Forum 2 mixed development at Setia Alam.

For the 12 months to September 30, 2020, the group’s revenue fell by 63 per cent to RM197.08 million as compared to the previous financial year.

The group’s net profit decreased by 78 per cent to RM30.17 million.

Sunsuria said the huge reduction was mainly due to the current year’s results being adversely affected by the lockdowns and various levels of movement control measures implemented by the government to curb the spread of the Covid-19 pandemic.

In the previous year, there was one-off revenue and gross profit contribution of RM149.4 million and RM95.47 million respectively from the completion of the Jasper Square commercial development.

“It has been an unprecedented year with a pandemic-hit economy but with the proposed acquisition for our planned developments, Bangsar Hill Park in Lorong Maarof and Nadi@TAR in Kuala Lumpur, currently underway, as well as the news of the availability of Covid-19 vaccine, we look forward to brighter prospects in 2021,” said Sunsuria executive chairman Tan Sri Ter Leong Yap.

Ter said moving forward, the developer will continue to play its part in ensuring that it consistently deliver products and services with integrity, quality, and reliability, as it embraces the new normal.

In October, Sunsuria entered into two agreements to venture into the development of Bangsar Hill Park – a high-rise residential project along Lorong Maarof – and Nadi@TAR, a high-rise mixed commercial project along Lorong Tuanku Abdul Rahman in Kuala Lumpur.

The proposed Bangsar Hill Park project has an estimated GDV of RM3.01 billion, while Nadi@TAR has an estimated GDV of RM524.8 million.

Source: NST