KUALA LUMPUR, Feb 1 — Sunway Bhd’s wholly-owned subsidiary Sunway Kinrara Sdn Bhd has today signed a sale and purchase agreement with CTM Development Sdn Bhd to acquire a 1.35-hectare freehold land in Cheras here for RM42 million.
In a statement today, Sunway Bhd said the prime freehold land in the matured neighbourhood of Taman Mutiara, Kuala Lumpur was purchased for the development of townhouse and condominium, with consideration of new norm lifestyles.
The company said the land was acquired with an approved development order secured, which will accelerate the development’s speed to market.
The development is expected to be ready for launch by the first half of 2022 with the expected completion in 2026, contributing positively to Sunway’s earnings from 2022.
Commenting on the acquisition, Sunway Property’s managing director Sarena Cheah said the proposed development will cater to the pent-up demand for larger living spaces with more activities done at home as part of the new normal including working from home.
“We plan to develop an exclusive residential development comprising just 255 units of townhouses and condominiums with the slightly larger built-up area to accommodate new normal lifestyles.
“We expect prices to start from approximately RM650 per square foot which would be competitive given the low density, freehold tenure and strategic location in the heart of Cheras,” she added.
The acquisition was Sunway Property’s first land bank acquisition for the year and reflects its confidence that the property market will recover in 2021 after a slower 2020 as a result of the pandemic.