KUALA LUMPUR: Sunway Berhad's property arm, Sunway Property, will build industrial and commercial properties with a gross development value (GDV) of at least RM2 billion across 245 acres of prime freehold land in Rawang.
The proposed Industrial Tech Park will comprise factories, warehouses, and commercial components, said Sunway Property managing director Sarena Cheah.
According to her, the vision of the industrial park is to create a dynamic environment that incorporates cutting-edge infrastructure, strong digital connectivity, and sustainable elements.
A Sale and Purchase Agreement (SPA) was signed on August 2 between Kauthar Equities Sdn Bhd and Sunway Rawang City Sdn Bhd (SRCSB), a wholly owned subsidiary of Sunway Property, to purchase the land in Kuang for RM115 million.
Sunway City Sdn Bhd, a wholly owned subsidiary of Sunway, and Amal Resources Sdn Bhd, who signed a Joint Venture Agreement on the same day to subscribe to SRCSB as the joint venture company, will work together through a joint venture to acquire and develop the land.
"We are thrilled to announce the acquisition of this strategic parcel of freehold land in Kuang to add to our overall portfolio. This acquisition signifies our dedication to developing a future-ready Industrial Tech Park that integrates technology, sustainability, and innovation to meet the needs of modern businesses and add to our ever-expanding industrial development portfolio," she said.
Cheah said the land is situated adjacent to the LATAR Expressway, and offers excellent connectivity.
The exceptional location makes it an ideal site for the proposed industrial park to complement the burgeoning industrial areas in the Kuang and Rawang regions, such as the Kuang Industrial Area and Rawang Industrial Park.
"This strategic acquisition is in line with Sunway Property's commitment to driving innovation, technology, and sustainable development in the industrial sector while catering to the evolving needs of businesses in the digital age. We hope to contribute to spurring innovation, economic growth, job creation, and investment with this new project," she added.