Suez Capital / Sunsuria JV
What we found
As at the January 2024 announcement, Bangsar Hill Park, an eight-block residential development launched in August 2020 with an estimated gross development value of RM2.9 billion and development costs of RM2 billion, was expected to be fully completed over the following eight years, with roughly RM1.6 billion of development costs still outstanding.
KL City Gateway, the Suez Capital-linked developer of Kampung Sungai Baru, kept demolishing while residents' court case was still pending, and residents claimed the contractor had broken conditions set by Kuala Lumpur City Hall (DBKL).
The evidence
Delivery
KL Gateway Residences in Bangsar South is a mixed-use development by Suez Capital Sdn Bhd, completed in 2017.
Corporate continuity
In a related-party deal, Sunsuria proposed raising its stake in Bangsar Hill Park Development Sdn Bhd by 33% for RM71.42 million cash bought from Suez Capital and Dasar Temasek, whose major shareholder is the brother of Sunsuria's executive chairman.
3 more findings
Sunsuria Bhd agreed in January 2024 to acquire a further 33% of Bangsar Hill Park Development Sdn Bhd from Suez Capital Sdn Bhd and Dasar Temasek Sdn Bhd for RM71.42 million cash, taking Sunsuria's stake from 51% to 84%, in a transaction described as involving related parties because the controlling shareholder of the buyer and the controlling shareholder of the sellers are brothers.
Sunsuria Bhd joined the Bangsar Hill Park development by signing a conditional share subscription and shareholders' agreement with BHP Development, Suez Capital Sdn Bhd, Dasar Temasek Sdn Bhd and Sunsuria KL Sdn Bhd.
Sunsuria Bhd proposed to increase its equity interest in its subsidiary Bangsar Hill Park Development Sdn Bhd, the company developing Bangsar Hill Park in Bangsar, by buying a 33% stake from Suez Capital Sdn Bhd and Dasar Temasek Sdn Bhd for RM71.4 million, which would raise its holding from 51% to 84%.
