SUNWAY HOLDINGS BHD is planning a joint venture (JV) with Dasa Tourist Complex (Private) Ltd to develop a 34-storey building on a parcel of freehold land in Colombo city, Sri Lanka, with an estimated gross development value of US$78 million (RM254.8 million).In a statement on Thursday, June 17, Sunway said it had on the same day entered into a memorandum of understanding with Dasa Tourist to explore the possibility of forming the JV for the proposed development. The development will comprise 71 commercial units and 176 residential units.It said it would be located in the premium mixed-use zone of Bambalapitiya in Colombo 4 and had the potential to generate a total sellable area of 400,000 square feet.Sunway said Dasa Tourist, a company incorporated in Sri Lanka, was in the manufacturing of textile and garment.Under the MoU, Sunway shall undertake feasibility studies and market research to ascertain the viability of the proposed development within two months."The overseas market is a major source of revenue for Sunway. The MoU will give Sunway the opportunity to explore the feasibility of expanding its property development business in Sri Lanka by developing a parcel of land in an attractive location," it said.Citing the IMF World Economic Outlook April 2010, it said Sri Lanka was now enjoying its "peace dividend" with the economy expected to grow by 5.5% and 6.5% in 2010 and 2011 respectively, following the defeat of the Liberation Tigers of Tamil Eelam in May 2009.
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