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Mar 12
2010
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‘Sunway Platinum Success’ Deal Deemed As One Of Top 10 Islamic Groundbreaking Deals For 2009Posted by Thinkproperty.my News Team in Press Release, News   |
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| SELANGOR, 8 MARCH 2010 – Sunway City Berhad (Sunway City) continued to stay true to its commitment towards innovation with its Sunway Platinum Success RM132 million Musharakah financing. This deal was listed by Islamic Finance Asia magazine as one of the ‘Top 10 Islamic Groundbreaker Deals of the Year for 2009’. The top 10 groundbreaking deals were selected from more than 40 submissions from all over the globe. The Sunway Platinum Success deal was arranged by Maybank Islamic and counselled by Albar & Partners. It utilized the Musharakah Mutanaqisah structure which is typically used for individual home financing. The deal was deemed as groundbreaking as it broke the traditional boundaries of a typical Musharakah Mutanaqisah partnership. The uniqueness of the deal was attributed to the fact that it did not utilize cash on the issuer’s side for refinancing. Instead, it revolved around the issuer’s ownership of the existing property. Proceeds from this RM132 million (US$38.56 million) deal were used to refinance the issuer’s existing term loans taken up to part-finance the construction of Monash University’s Malaysian campus. To this end, Sunway City owns the land while Platinum Success owns the building with assignment of rental proceeds from Monash University as securities. |
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Ms Tan Poh Chan, Chief Financial Officer, Sunway City Berhad commented, “We are pleased that Sunway Platinum Success has been recognized as one of the most innovative Islamic deals in 2009 by Islamic Finance Asia. This is testament to the Group’s belief that innovation does not only need to lie in its products and services but in all aspects of our business operations as well.”
“Islamic financing is fast gaining acceptance on a global scale and Malaysia is viewed as one of the most progressive Islamic financial destinations. On this score, the Group is heartened to be a part of the exciting Islamic banking and financial sector. Moving forward, the Group will certainly continue to explore more Islamic financing opportunities.”
Sunway City received its award at the Islamic Finance News ‘Deals of the Year 2009’ KL Awards Dinner recently at the Mandarin Oriental Hotel, Kuala Lumpur. The awards were given by Islamic Finance News after an annual poll/survey conducted worldwide by submissions of the most innovative, exciting and groundbreaking Islamic transactions in 18 categories with individual country awards.
About Sunway City Berhad
Sunway City Berhad (Sunway City), a member of the Sunway Group, is one of Malaysia’s premier property developers. The company’s business activities are diversified through its Property Development and Property Investment Division.
Since Sunway City’s incorporation in 1986, its Property Development Division has successfully delivered more than 17,000 properties with a Gross Development Value (GDV) of RM 9.0 billion, establishing its leadership in innovative products that appreciate in value and exemplary customer service. The Company stands out with its successful business model and support base of strategically located land banks at multiple locations with immediate development potential. As at 1 Feb 2010, Sunway City has a land bank of 1,466 acre with a GDV of RM 12.8 billion.
Sunway City’s Property Investment Division owns assets that include Sunway Pyramid Shopping Mall, Sunway Carnival Shopping Mall, Menara Sunway, Monash University Sunway Campus, Sunway University College and Wisma Sunway (previously Wisma Denmark. In total, the company manages a total of 4.7 million net-lettable-areas (NLA) in its property investment portfolios.
The multi-award winning Sunway City Brand has been recognised by both local and overseas association and positions the Company as having the best of both worlds – a high growth property development segment and a stable base of income from high yielding property investments.
For more information, kindly visit:
http://www.sunwaycity.com/corporate/suncityir.htm
“Islamic financing is fast gaining acceptance on a global scale and Malaysia is viewed as one of the most progressive Islamic financial destinations. On this score, the Group is heartened to be a part of the exciting Islamic banking and financial sector. Moving forward, the Group will certainly continue to explore more Islamic financing opportunities.”
Sunway City received its award at the Islamic Finance News ‘Deals of the Year 2009’ KL Awards Dinner recently at the Mandarin Oriental Hotel, Kuala Lumpur. The awards were given by Islamic Finance News after an annual poll/survey conducted worldwide by submissions of the most innovative, exciting and groundbreaking Islamic transactions in 18 categories with individual country awards.
About Sunway City Berhad
Sunway City Berhad (Sunway City), a member of the Sunway Group, is one of Malaysia’s premier property developers. The company’s business activities are diversified through its Property Development and Property Investment Division.
Since Sunway City’s incorporation in 1986, its Property Development Division has successfully delivered more than 17,000 properties with a Gross Development Value (GDV) of RM 9.0 billion, establishing its leadership in innovative products that appreciate in value and exemplary customer service. The Company stands out with its successful business model and support base of strategically located land banks at multiple locations with immediate development potential. As at 1 Feb 2010, Sunway City has a land bank of 1,466 acre with a GDV of RM 12.8 billion.
Sunway City’s Property Investment Division owns assets that include Sunway Pyramid Shopping Mall, Sunway Carnival Shopping Mall, Menara Sunway, Monash University Sunway Campus, Sunway University College and Wisma Sunway (previously Wisma Denmark. In total, the company manages a total of 4.7 million net-lettable-areas (NLA) in its property investment portfolios.
The multi-award winning Sunway City Brand has been recognised by both local and overseas association and positions the Company as having the best of both worlds – a high growth property development segment and a stable base of income from high yielding property investments.
For more information, kindly visit:
http://www.sunwaycity.com/corporate/suncityir.htm
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