KUALA LUMPUR, May 16 — Sunway Bhd’s (Sunway) wholly-owned subsidiary Sunway Living Space Sdn Bhd has signed a sale and purchase agreement with Kar Sin Bhd, a subsidiary of YNH Property Bhd, to acquire a parcel of a freehold land in Sri Hartamas with a purchase consideration of RM170 million.
In a statement today, the conglomerate in real estate, construction, education, healthcare, retail, and hospitality said that the 2.06-hectare (5.09-acre) parcel is for a proposed mixed development comprising serviced apartments, retail, and wellness suites with a gross development value (GDV) of at least RM850 million.
“The development is also envisioned to be a transit-oriented development with residents able to enjoy great connectivity from the planned Sri Hartamas and Mont Kiara MRT stations.
“The company also plans to incorporate wellness concept into the mixed development’s retail podium to promote healthy and sustainable living,” it said.
Sunway Property managing director Sarena Cheah said that the acquisition comes ready with an approved development order with a plot ratio of five.
“We target to launch this development by early 2025. This underscores our confidence in the Malaysian property market and we are confident that this development will be highly desirable among our multiple customer segments,” she said.
Sunway said that the proposed acquisition is conditional on the approval of the shareholders of YNH Property Bhd, Kar Sin Bhd, and Sunway Living Space Sdn Bhd, and is expected to complete in fourth quarter of 2023.
“With this acquisition, Sunway Property continues to solidify its presence in this vicinity of Kuala Lumpur, adding to its portfolio of high end residential developments such as Sunway Mont, Vivaldi and Palazzio.
“With a total landbank of 3,063 acres and a potential GDV of RM48.9 billion over a period of more than 15 years, Sunway Property is poised for resilient growth,” it said.
— Bernama
