KUALA LUMPUR : Leading Malaysian conglomerate Sunway Bhd, announced the acquisition of a parcel of freehold land measuring 4.53 acres in Jalan Belfield, Kuala Lumpur for RM165mil, on Monday.
Consisting mainly of service apartments and a handful of lifestyle retail units, the mixed development holds an estimated Gross Development Value (GDV) of RM1.1bil, comprising RM1.05bil worth of service apartments and RM50mil of retail units.
This project is to be developed over five year period and is estimated to launch by the second half of 2018, selling from RM550,000 onwards.
The new land bank is to be purchased through a combination of bank borrowings and internally generated funds, that will be acquired from LGT Sdn Bhd, Tan Sri Lim Kok Thay, Puan Sri Datin Seri Lim (Nee Lee) Kim Hua, Yarraville Sdn Bhd, Dandenong Sdn Bhd and Ripponlea Sdn Bhd.
Located at the centre of Kuala Lumpur, and within three kilometers from prominent landmarks including the Bukit Bintang shopping belt, the KL Sentral transport hub and Perdana Botanical Gardens future residents of the development will be able to enjoy the locale’s green surroundings, with spectacular views of the old Istana Negara from one end, and the upcoming tallest building in Kuala Lumpur, Warisan Merdeka on the other.
Enjoying a location of just within 500 meters from the Maharajalela monorail station, this development is offered convenient access, for residents traveling to Bukit Bintang and to the KL Sentral, which has connections to intercity trains, airport express and other LRT lines.
The Federal Highway, and the North and South Bound PLUS Expressway can also be accessed easily via Jalan Syed Putra, Jalan Damansara and Jalan Istana.
The acquisition is expected to provide further earning visibility for Sunway Bhd, whom now owns 3,305 acres land bank with a total GDV of RM 51.6bil.
Sunway Berhad had moved its listing from the properties counter to the trading counter last month on the main board of Bursa Malaysia securities.
The reclassification better reflects Sunway Bhd’s strength as a conglomerate with diverse yet complementary businesses that are mostly in leadership positions in their respective sectors.
