Sunway subsidiary wins RM267 mln land bid in Penang

Sunway subsidiary wins RM267 mln land bid in Penang
Business & Markets 2013
Written by Bernama
Tuesday, 17 December 2013 21:28

KUALA LUMPUR (Dec 17): Sunway Bhd, through its wholly-owned subsidiary, Sunway City (Penang) Sdn Bhd, won the bid for four parcels
of land at RM267.41 million in Timor Laut district, Penang, from C H Williams Talhar and Wong, the property agent for Luxor Precision Sdn Bhd.

Sunway, in a filing to Bursa Malaysia today, said the parties will enter into a sales and purchase agreement for the proposed acquisition, including existing buildings, plant nurseries and other structures on the land, within 14 days from the date of the notice of acceptance of Dec 16.

It said the proposed acquisition will provide Sunway with an estimated gross development value of RM1.5 billion, when fully developed, as the land is strategically located within the vibrant centre of Penang Island and surrounded by tourism spots, as well as matured residential townships.

It added that the proposed development for the land consists of commercial shops, SOHO and highrise residential units, and this would strengthen Sunway's presence in the Penang property market.

On prospects, it said residential and commercial properties in Penang, especially on Penang Island, had good potential due to scarcity of land and continuous strong demand.

It said Penang, being one of the highest economic growth states, fits into Sunway's strategy, in relation to its Malaysian land bank expansion profile.

"Hence, with the state's improving tourism and economic sentiment, coupled with the strategic location of the land, we are confident of the project receiving good response, when launched," Sunway added.