KUALA LUMPUR: Sunsuria Berhad (“Sunsuria”) today announced that its 99.99%-owned subsidiary Sunsuria Gateway Sdn Bhd (“Sunsuria Gateway”) has entered a joint venture with Genlin Development Sdn Bhd (“Genlin”) via a Shareholders’ Agreement (“SHA”) to jointly acquire and develop 9,030 square meters of prime land in Sentul, Kuala Lumpur for a mixed development project.
This latest acquisition for new land bank reflects the company’s ambition to broaden its horizons beyond its current developments. According to Sunsuria’s Executive Chairman Datuk Ter Leong Yap, the company will continue to seek out and pursue new development opportunities.
“We are enjoying tremendous success with our current projects in Sunsuria City and The Forum in Setia Alam, and they continue to be well received by our customers. We want to build on this success and take our best-in-class solutions to high-growth potential areas. This opportunity to expand our business to within the heart of Kuala Lumpur is just the first step and we expect new landbank opportunities in the near future,” he said.
Under the SHA, both Sunsuria Gateway and Genlin will respectively hold 70% and 30% shareholding equity in Goodwill Signature Sdn Bhd (“Goodwill”), that will serve as the joint venture company to acquire and develop the land.
Goodwill is presently a Sunsuria Gateway’s wholly owned subsidiary.
In the spirit of mutual cooperation and common interest, both parties have agreed to use Goodwill to enter into a sale and purchase agreement with Genlin for the acquisition of land – valued at RM28mil.
“We are excited to be collaborating with Genlin as part of our business growth strategy to embark on new projects closer to the heart of the city. We see great potential in the land’s location for a mixed development project that will provide both residential and commercial opportunities within a thriving community.”
Located in Sentul, the land is in a fast-rising neighbourhood off the Duta expressway with prominent landmarks in the immediate vicinity such as KL Pac, UTC Sentul and Kem Batu Kentonmen.