Artist impression of Sunway Avila, sited 200m from the newly acquired parcel of land.

KUALA LUMPUR: Master community developer Sunway Property recently acquired a parcel of freehold land measuring 3.7 acres in Wangsa Maju for RM36.97 mil for a proposed residential development.

Located 550m from the Sri Rampai LRT station, the land was acquired by Sunway’s 55% owned subsidiary, Sunway Avila Sdn Bhd and is slated for a condominium comprising 468 units with an estimated gross development value (GDV) of RM300mil.

The proposed development is anticipated to mirror the success of Sunway Avila, sited 200m from the parcel of land. The site has an approved development order which will contribute to its quick turnaround. It is targeted to launch in the second half of 2021.

“This is a strategic acquisition for us as Sunway Avila has been highly successful, indicating a match with the current gap in supply of affordable developments near transit centres which are located close to the city centre. Because of its strategic location, it allows for easier commute and convenience which suits the current urban lifestyle,” said Sunway Property managing director Sarena Cheah.

“With the new development, we will leverage on the existing customer base that we have built within the area. Future residents will also benefit from the covered walkway to the Sri Rampai LRT station,” she added.  

The first tower of Sunway Avila, which was launched in the first half of 2019 has been 90% taken up within a short period of time and comprises of 405 serviced residences.

The new acquisition is surrounded by greenery and also encircled by amenities including KLCC, Wangsa Walk Mall and Setapak Central Mall. Healthcare providers, Columbia Asia and Gleneagles Kuala Lumpur, and education institutions like International School Kuala Lumpur, Sri Utama, Fairview International School and TAR College are all within a 5km radius from the site.

The land is Sunway Property’s fifth land acquisition this year, the first being a 6.16-acre land in Tampines, Singapore, for an executive condominium housing development with a planned GDV of RM2.4bil. 

The second is a 9.5-acre parcel of leasehold land in Kota Damansara with an estimated GDV of RM544mil. This was followed by 6.5 acres of land in Tianjin Eco-City, China, with an estimated GDV of RM770mil, and prior to this acquisition, 11.8 acres of freehold land in Mutiara Bukit Jalil.

Sunway’s landbank currently totals 3,359 acres, with a total GDV of RM 58.9bil with the development period of up to 15 years.