Sunway City Berhad (SunCity) plans to build a shopping village worth more than RM1 billion at its SunCity Ipoh township in Perak.
It will feature the Lost World shopping mall, serviced apartments, SoHo (small office/home office) and food outlets by the riverside.
Besides attracting local and foreign investors, SunCity is looking at generating long-term stable income for the company, managing director for property investment Ngeow Voon Yean said in an interview with Business Times recently.
"We want to grow the township as it now contributes less than 5 per cent to SunCity's earnings. The shopping village will give us positive returns," he said.
SunCity Ipoh is the largest single integrated township in Perak.
The 560ha project, which started in 1995, is a joint venture between Perbadanan Kemajuan Negeri Perak, Yayasan Negeri Perak and SunCity.
It is designed to be the growth catalyst for the Eastern Development Corridor of Ipoh.
Ngeow said some 70 per cent of the land has been developed.
Besides houses, it comprises the Lost World of Tambun water theme park, The Banjaran Hotsprings Retreat, Sunway College, Giant and Extreme Park.
Properties under construction include phase two of Lost World Hotel, which will open by end-2011.
The hotel encompasses two 4-storey blocks, housing 127 rooms and 27 family suites. The first block with 96 rooms opened last month.
"If demand for the hotel grows, we will definitely set up more hotels at the township," he said.
The Lost World Hotel and The Banjaran are the first series of hospitality assets at the township.
SunCity's investment division currently comprises a collection of hotels and resorts, shopping malls, office buildings, universities, theme parks and a hospital, mainly located at its Sunway Integrated Resort City in Bandar Sunway, Selangor. – Business Times