Sunway Berhad’s wholly-owned subsidiary, Sunway Rahman Putra has acquired a 6.59-acre parcel of prime freehold land at Jalan Cochrane, Kuala Lumpur from Boustead Properties Berhad’s wholly owned subsidiary, Mutiara Rini Sdn Bhd for RM233.4 million.
The land is located directly opposite the Cochrane MRT station and is one stop away from Tun Razak Exchange.
“We believe the future is even more exciting with the upcoming completion of TRX, which will bring in a substantial population of high income, professional workers. We can imagine them wanting to stay at our proposed development here which is just one station away from TRX, with all the amenities at its doorstep and at a much better value,” Sunway Property’s Managing Director, Sarena Cheah said.
“The proposed gross development value will be at least RM1.15 billion. The development will comprise serviced apartments that sit on top of a retail podium, which will benefit from road frontages on all four sides of the site,” she added.
Cochrane is no stranger to Sunway as the group has played a key role in gentrifying the location with Sunway Velocity, 200 metres away comprising of Sunway Velocity Mall, Sunway Velocity Hotel, Sunway Medical Centre Velocity and Sunway Velocity TWO.
Sunway’s total landbank stands at 3,339 acres with a potential gross development value of RM52.1 billion over a total development period of more than 15 years, paving the way for resilient growth
Boustead Group has also developed significant landmarks in the vicinity with MyTOWN Shopping Centre and One Cochrane Residences.
“The proceeds from the asset monetisation will enable Boustead Properties to focus on
enhancing the value of our ongoing property development activities. The move is also in line with Boustead Holdings Berhad’s Reinventing Boustead strategy to unlock value by reimagining our role as a sustainability-driven property developer,” Boustead Properties’ Chief Operating Officer Eason Phan said.
According to Eason, Sunway’s bid was chosen from a selection of bidders made up of reputable and financially sound developers who could contribute towards further accelerating the growth in the area.