SEPANG: Sunsuria Bhd, unfazed by the slump in the local property sector, is going ahead with the launch of Phase 1 of its Sunsuria City township that borders the Xiamen University Malaysia campus here.

The phase carries an estimated gross development value (GDV) of RM1 billion and comprises residential, retail and commercial spaces, Sunsuria executive chairman Datuk Ter Leong Yap told reporters yesterday. The residential portion comprises 663 units, of which 200 units are linked houses priced in the range of RM500,000 each, he said.

“Work on Phase 1 of Sunsuria City is progressing, and various components of the mixed development will be launched within the next few months. The apartments will be priced at RM360,000 onwards,” he said.

The soft launch of the retail spaces of Phase 1 will take place in mid-September this year, he added. The total GDV of the Sunsuria City township, which sits on a sprawling 331.27-acre (134.06ha) tract, is RM6.4 billion.

It was reported in June Sunsuria aimed to record sales of about RM900 million for the financial year ending Sept 30, 2016 (FY16) and RM1 billion  in FY17.

Sunsuria’s (fundamental: 2.5; valuation: 0) share price closed 2.5 sen or 2.62% up at 98 sen yesterday, with a market capitalisation of RM620.8 million.

The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations. Go to www.theedgemarkets.com for more details on a company’s financial dashboard.

This article first appeared in The Edge Financial Daily, on July 10, 2015.