Sunway Berhad’s wholly-owned subsidiary, Sunway Living Space Sdn Bhd, today (12 May) announced it is acquiring a 5.09-acre parcel of prime freehold land in Sri Hartamas, from YNH Property Berhad for a purchase consideration of RM170 million.
The developer is looking to mix wellness and plans to incorporate this concept into the mixed-development retail podium where residents will be able to take advantage of health and wellness-focused outlets.
We are excited to add this prime land to our portfolio and to continue our commitment to creating vibrant integrated communities. This acquisition comes ready with an approved development order with a plot ratio of 5, and we target to launch this development by early-2025. This underscores our confidence in the Malaysian property market, and we are confident that this development will be highly desirable amongst our multiple customer segments,” said Sarena Cheah, Managing Director of Sunway Property.
The proposed acquisition is conditional on, amongst others, the approval of the shareholders of YNH Property Bhd, Kar Sin Bhd, and Sunway Living Space Sdn Bhd, and is expected to complete in Q4 2023.
With the acquisition, Sunway will have a landbank of 3063 acres and a potential gross development value of RM48.9 billion
