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Sunway buys four pieces of land in Penang

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Sunway buys four pieces of land in Penang Empty Sunway buys four pieces of land in Penang

Post by Cals Sat 28 Dec 2013, 02:15

Sunway buys four pieces of land in Penang
Business & Markets 2013
Written by Bernama   
Friday, 27 December 2013 19:07

KUALA LUMPUR (Dec 27): Sunway City (Penang) Sdn Bhd (SCP), an indirect unit of Sunway Bhd, has signed a sales and purchase agreement with Luxor Precision Sdn Bhd to acquire four pieces of freehold land in Penang for RM267.41 million. 

In a filing with Bursa Malaysia today, Sunway said SCP has successfully bid for the land on Dec 17, together with existing buildings, plant nurseries and other structures. 

The proposed acquisition would provide Sunway with an estimated gross development value of RM1.5 billion when fully developed, said the developer in an earlier announcement to Bursa Malaysia. 

"The proposed development for the land consisted of commercial shops, small office and home office as well as highrise residential units that would strengthen Sunway's presence in Penang property market," it said.

Sunway said the land was strategically located within the vibrant centre of Penang Island and was surrounded by tourism spots as well as matured residential townships. 
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