Sunway City, Oct 25 2019 ~ Master Community Developer, Sunway Property today signed a Sale and Purchase Agreement to acquire a parcel of freehold land measuring 3.69 acres in Wangsa Maju for a proposed residential development.
The land was acquired by Sunway’s 55% owned subsidiary, Sunway Avila Sdn Bhd, for RM36.97 million. The proposed development on the land comprises 468 condominium units with a potential gross development value (“GDV”) of approximately RM300 million.
The proposed development is anticipated to mirror the success of Sunway Avila which is sited just 200m away from the new 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 land is located about 550 meters from the Sri Rampai LRT station which is a mere six stops or 12 minutes to KLCC on the LRT. It is surrounded by greenery and also encircled by amenities including the Wangsa Walk Mall which is 700m away and Setapak Central Mall which is 2.7km away. 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 RM2.4 billion. The second is a 9.5-acre parcel of leasehold land in Kota Damansara with an estimated GDV of RM544 million. This was followed by 6.5 acres of land in Tianjin Eco-City, China, with an estimated GDV of RM770 million, and just 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 58.9 billion with the development period of up to 15 years.