Sunway to acquire shares in Daiwa Sunway Development for RM25mil

PETALING JAYA: Sunway Bhd’s unit, Sunway Iskandar Sdn Bhd (SISB), a 60%-owned joint venture company, plans to acquire a 70% equity interest in Daiwa Sunway Development Sdn Bhd (DSD) from Daiwa House Malaysia Sdn Bhd (DHM) for RM25.5mil.

This move follows agreements made in 2015, where Sunway and Japan’s largest prefabricated home builder Daiwa House Industry Co Ltd had formed DSD, a joint venture company, to develop residential properties using advanced prefabricated housing technologies.

Consequent to the completion of the acquisition, DSD will become a wholly-owned subsidiary of SISB.

In a filing with Bursa Malaysia, Sunway said the proposed acquisition is in line with the overall development strategy of SISB, underscored by Sunway’s confidence in the prospects of the remaining phase in Sakura Residence in Johor, which will be constructed using conventional methods.

Additionally, the company believes in the potential of developing Sunway City Iskandar Puteri into Sunway’s next flagship township.