KUALA LUMPUR: Sunsuria’s share price fell to a low of RM1 on Wednesday on continued profit taking on the property counter after the recent run-up on corporate developments.
At 10.06am, it was down eight sen to RM1. Turnover was 480,700 shares traded at prices ranging from RM1 to RM1.05.
At RM1, this was the lowest since July 10. Its recent low was 90 sen on June 30 while its recent high was Rm1.15 on July 16.
The FBM KLCI fell 5.77 points or 0.33% to 1,730.42. Turnover was 467.69 million shares valued at RM373.92mil. There were 203 gainers, 258 losers and 237 counters unchanged.
UOB Kay Hian Malaysia Research said in recent report Sunsuria is poised to be an emerging township property developer after its 443.9-acre acquisition in the Klang Valley, of which 346.6 acres would be used for its flagship Sunsuria City.
The township includes the G2G-initiated Xiamen University Malaysia campus, the first Chinese university campus on foreign soil.
UOB Kay Hian said Sunsuria would ride on the success of the university, which was scheduled to begin student intake as early as March 2016.
It said Sunsuria also owned a small development parcel named Suria Residence, over 3.6 acres in Bukit Jelutong with an estimated gross development value (GDV) of RM273mil.
After completing its corporate exercise, the group would see multi-fold growth in its land bank size and GDV, said UOB Kay Hian.
