Sunway to develop Dasa Group property
To invest US $78m on 34-storey tower:
A leading conglomerate in Malaysia, Sunway Holdings entered a joint
venture agreement with Dasa Group in Sri Lanka to invest on a 34 storey
tower to the value of US $78 million yesterday.
Dasa Group Chairman S.D. Gunadasa with Sunway Holdings
Managing Director Yau Kok Seng at the launch. Picture by
The MoU with regard to this, was signed by Dasa Group Chairman S.D.
Gunadasa and Sunway Holdings Managing Director Yau Kok Seng at the
Cinnamon Grand yesterday.
Seng said as per the agreement, a 60,000 square feet prime land
situated in Bambalapitiya belonging to Dasa Group will be developed by
Sunway Holdings within the next three years.
The mixed development will include 220 medium and high class housing
units. This is the first investment in Sri Lanka by Sunway Holdings and
they hope to expand the business further.
He said that Sunway Holdings has done a feasibility report and a
market survey on the project and found that there are lot of
opportunities to further explore.
Sunway will bring their expertise and technology to Sri Lanka and
execute the Blue Ocean theory during the development.
The project will create a large number of employment opportunities
and Sri Lanka can offer resources such as skilled and unskilled labour
and other services which will be outsourced for the project.
The Sri Lankan property market has shown a tremendous progress in the
recent past and it can be positioned as the gateway to India as cross
border investments are important to global relationship, Seng said.
Sunway Holdings established in 1974 has throve to become one of
Malaysia’s widely recognized and diversified conglomerates with a
multitude of established businesses.
Its core businesses include civil engineering and construction,
building materials, trading and manufacturing, quarrying information
technology, property development and investment, leisure, entertainment
and hospitality, healthcare and education.