Sunway City, 16 August 2017 – Sunway Berhad today announced a joint-venture with Huatland Development Sdn Bhd and through the joint venture company, Sunglobal Resources Sdn Bhd, will acquire a 4.34-acre freehold land for a purchase consideration of RM 51,070,000 from Setapak Heights Development Sdn Bhd (SHD).
Sunglobal Resources Sdn Bhd, which is 55%:45% owned by Sunway and Huatland Development Sdn Bhd respectively, intends to develop a mixed development comprising two blocks of serviced apartments with some lifestyle units on the podium with a GDV of RM500 million. The expected development period is 5 years. It is anticipated that the residential units will be priced with an average pricing of RM 550,000 onwards.
“We will continue to landbank in good areas given the opportunities in the market currently, supported by our healthy balance sheet. Particularly in Klang Valley, we will be on the lookout for landbanks which are ideal for transit-oriented developments where we can leverage our prior experience of building integrated and mixed-use developments,” said Sarena Cheah, Managing Director, Property Division for Malaysia and Singapore, Sunway Berhad.
The developer’s total landbank currently stands at 3,325 acres in Klang Valley.
The Wangsa Maju land has a commercial status and is acquired conditional to receipt of approval from authorities for a plot ratio of 5 times. The land is one of the few in its immediate vicinity to have a freehold title, enhancing the future prospects of the development on the Land.
The landbank is strategically located in the rapidly developing area of Wangsa Maju and within 1.5 kilometres to amenities such as Wangsa Walk Mall and AEON Big Wangsa Maju where a number of residential and commercial developments have taken off. The site is a mere 8-kilometre drive to the heart of Kuala Lumpur and 850 metres away from the Sri Rampai LRT station, appealing to property buyers working in the city. The land is also easily accessible through the DUKE, MRR2 and AKLEH highways.
Collectively, in the last 6 months, the developer has acquired five plots of strategically located land with a total GDV of over RM5.5 billion. All the landbanks will be transit-oriented developments as they are in close proximity to MRT, LRT, BRT and/or monorail stations. More information on the new developments will be announced by Sunway in due course.