Sunway Opus plans residential project

Hyderabad: Sunway Opus International Private Limited, a 50:50 special purpose vehicle (SPV) formed by Sunway City Berhad of Malaysia and Hyderabad-based property developer Opus Developers, is creating a residential township, Sunway Opus Grand,in Hyderabad at an outlay of Rs 1,680 crore.

The project, coming up at Ameenpur near Bolarum on the city outskirts, will have 14 towers comprising 2,700 apartments each with a built-up area of between 1,200 sft and 1,800 sft. Besides, the 35-acre project boasts of around 80 per cent open space and a floating club house in the centre of a man-made lake. Sunway and Opus have already invested Rs 25 crore each in the project.

'The total cost of the project is spread over three phases, which would be funded at a debt-equity mix of 2:1. We expect the first phase of the project to be completed in two years, and the other two in three years from then,' Yap Chin Hua, chief operating officer, Sunway Opus.

According to Bhawarlal Jain, director of Sunway Opus, the SPV is also planning to come up with a 300-villa project in Hyderabad at an investment of Rs 500 crore. 'An MoU for the purpose is yet to be signed,' he said.