KUALA LUMPUR (Nov 24): Sunway Property, the real estate arm of Sunway Bhd, has signed a memorandum of understanding (MOU) with Putrajaya Holdings Sdn Bhd to team up for the development of commercial land in Precincts 7 and 8 within the administrative capital.

In a statement on Friday, Sunway said the MOU lays the foundation for future cooperation between organisations in various sectors such as medical, education, property development and hospitality for development.

“The cooperative effort will also explore the development of a medical centre in one of the parcels.

“The possible development of a medical centre is strategic as Sunway Healthcare Group (SHG) is a leading integrated private healthcare group with a network of hospitals and health services in Malaysia,” it said, adding that the potential addition of a Sunway Medical Centre in Putrajaya will cement the leading position of the group — which has a combined capacity of over 3,000 beds throughout its network of hospitals — in the healthcare industry.

"This MOU signifies a major step forward for us to leverage our unique Build-Own-Operate business model to deliver liveability, as well as advances in property development and healthcare in Putrajaya,” said Sunway Property managing director Sarena Cheah.

“This partnership represents an opportunity to deliver sustainable and innovative development solutions that will contribute to the growth and progress of the local Putrajaya community,” she added.

In this collaboration, Sunway will bring to the table its expertise in developing smart and sustainable integrated townships and developments, which will be combined with Putrajaya Holdings’ masterplanning experience to “create a vibrant and innovative development utilising key learnings from its successful developments”.

“To date, Sunway Property has developed more than 5,000 acres of integrated developments across the nation including Sunway City Kuala Lumpur, Sunway City Ipoh, Sunway City Iskandar Puteri and Sunway Velocity,” it said.

At the time of writing, Sunway was up one sen or 0.51% to RM1.97, giving it a market capitalisation of RM9.86 billion. Year to date, the stock has risen 24.68%.