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Sunway to buy more land

Bernama
Wednesday, 13 September 2017 12:13:42 PM

KUALA LUMPUR (Sept 13): Sunway Bhd is looking to acquire more land with good connectivity to new public infrastructure for transit-oriented development (TOD), said the managing director of its property division for Malaysia and Singapore, Sarena Cheah.

TOD refers to a type of urban development that maximises the amount of residential, business and leisure space within walking distance of public transport.

Cheah said the group had acquired five different plots of land in the Klang Valley, including in Kajang and Wangsa Maju, since January, worth RM5.5 billion.

“It is important as we want to diversify our locations which are very well-served by roads and public infrastructure such as the mass rapid transit (MRT) and light rapid transit (LRT).

“So, we are looking for more land for TOD development, as when the MRT and LRT projects are completed, it will add value,” she told reporters after the announcement of the opening of Sunway Hotels & Resorts’ newest venture, the Sunway Velocity Hotel next Wednesday.

The RM146 million Sunway Velocity Hotel will be the only transit-oriented, as well as the biggest and only integrated hotel in Cheras. The hotel is also connected to the Sunway Velocity Mall.

Sunway’s total land bank stands at 1,335ha with a gross development value of RM55 billion.

Upon opening of the RM300 million, 240-bed Sunway Medical Centre in the first quarter of 2019, the hotel will also be able to welcome healthcare tourists, Cheah said.

The Sunway Velocity Hotel forms part of the Sunway hospitality division’s RM875 million redevelopment and expansion plans for its collection of hotels across Malaysia, Cambodia and Vietnam.

The group currently owns 11 hotels, nine of which are in Malaysia, with a total of 3,388 rooms under the hospitality division.

Meanwhile, Sunway Hotels & Resorts Sdn Bhd cluster director of operations Kelly Leong said the 351-room Sunway Velocity Hotel would progressively open its doors for operations from next Wednesday, with 121 rooms available and full inventory by Oct 30. — Bernama

This article first appeared in The Edge Financial Daily, on Sept 13, 2017.

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