Sunway City Berhad, part of the USD 1-billion Malaysian Sunway Group, has picked a 60% equity in a joint venture with the Hyderabad-based MAK Group for a Rs 3.5-billion high-rise realty project.

The Malaysian company will bring USD 5 million as foreign direct investment (FDI) for its equity holding in the joint venture, which a special purpose vehicle (SPV) is called MAK Builders, at present. The venture will develop about two million sq. ft of residential space in the high rise, with sizes of 1,000 to 1,300 sq. ft and price up to Rs 5 million.

The project will be near the upcoming Shamshabad international airport. The Malaysian company will lead the project. It will bring in construction expertise, architecture and also market it.
The MAK Group, which has two main companies, MAK Projects (P) Ltd and Hotels & Resorts has acquired 15 acres for the venture. It would take about 4-5 years to complete it.

The group is also into developing hotels in major cities, including Hyderabad, Chennai, Bangalore, Nagpur, Kolkata, Mumbai and Pune under the brand name `Blue Lotus`. The group in intending to invest up to Rs 6 billion to create 2,000 rooms under three and four star category hotels.

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