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Malaysian group partners Opus to develop housing project

Special Correspondent

— Photo: NAGARA GOPAL

Charming: Dancers performing at the cultural programme organised by Sunway Group on Friday.

HYDERABAD: Malaysian real estate developer Sunway group and city-based Opus will jointly develop a Rs. 1,680-crore housing project at Aminpur on the Miyapur-Bollarum road, closer to the Outer Ring Road.

Addressing a press conference here on Friday, Managing Director of Sunway Group Ngian Siew Siong said that the 50-50 joint venture between Sunway and Opus would develop the project in two phases with 2,600 dwellings. The first phase would be completed in two years with 1,168 houses.

The Sunway Group would invest Rs. 25 crore initially. The JV partners Z likely to invest Rs. 250 crore each in the venture. The project would have a debt-equity ratio of 2:1, said Director of Sunway-Opus Bhawarlal Jain.

Most of the dwellings would be three-bedroom apartments. The top two floors would have duplex apartments. In all, there would be 14 towers and the project would be spread in 35 acres. The sq. ft price was pegged at Rs. 3,500.

The project, Sunway Opus Grand, would have a club house amidst a man-made lake with all modern features.

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