Sunway to develop Dasa Group property

To invest US $78m on 34-storey tower:

Ramani KANGARAARACHCHI

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.

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.