Sunway announces housing project at Miyapur

Hyderabad: The Sunway group of Malaysia, which formed a joint venture company with the Hyderabad-based Opus last year, announced Rs 1,680-crore housing project at Miyapur here.

To be taken up in two phases, the Sunway Opus Grand would have 2,600 housing units when the two phases are completed. The first phase, which would house 1,168 units, will be completed in two years.

Addressing a press conference here on Friday, Mr Ngian Siew Siong, Managing Director (Property Development), said the 50:50 joint venture would see a great opportunity in India, which had been witnessing huge economic growth.

The Malaysian company, which has interests in construction, retail management, hospitals and education, is known for its flagship 800-acre resort city project Sunway City in Malaysia.

Investment:

The company has committed an initial investment of Rs 25 crore for the project which would have a debt-equity ratio of 2:1.

Eleven construction companies based out of Hyderabad joined hands to form the Opus consortium.

Mr Bhawarlal Jain, Director of Sunway Opus, said the Miyapur project would have 14 towers, mostly housing 3-bed room flats and duplex units. The flats, with a sft costing Rs 3,500, carry a price tag of Rs 60 lakh to 1 crore.

The joint venture would also scout for projects in other Indian cities, while tapping the capital markets in 2010.