Suria To Embark On Landmark RM 1.8 billion Mixed-use Project in Malaysia

Suria Capital Holdings Bhd (Suria) is venturing into property development with a proposed RM 1.8 billion commercial, retail and residential project in Sabah.

A 9.4 ha plot has been acquired by Suria as the first step towards its inaugural foray into property development. The group, which is involved in ports operations, bunkering services, construction and engineering, is aiming for a mixed development that will complement Yayasan Sabah’s proposed Sabah International Convention Centre (SICC).

According to group chairman Tan Sri Ibrahim Menudin, the group has paid up half of the RM 142 million land premium, and has received the land title.

Suria Group reported an eight percent increase in revenue for 2011, achieving RM 276.01 million over 2010′s RM 254.97 million. Its pre-tax profit fell to RM 74.35 million from the RM 75.56 million recorded previously.

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