KUALA LUMPUR: Sunway Bhd, through its joint-venture (JV) company, Sunglobal Resources Sdn Bhd (SRSB), is acquiring a 4.34-acre freehold land in Wangsa Maju for RM51.07 million from Setapak Heights Development Sdn Bhd.
SRSB is 55 per cent owned by Sunway and 45 per cent owned by Huatland Development Sdn Bhd.
In a statement today, Sunway said SRSB intends to develop a mixed development comprising two blocks of serviced apartments with some lifestyle units on the podium with a gross development value (GDV) of RM500 million.
It said the expected development period is five years, and anticipated that the residential units will be priced with an average pricing of RM550,000 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,” Sunway Malaysia and Singapore property division managing director Sarena Cheah said.
The developer’s total landbank currently stands at 3,325 acres in Klang Valley.
Collectively, in the last six months, the property developer has acquired five plots of strategically located land with a total GDV of over RM5.5 billion.