Sunway acquires four tracts in Penang for RM267.41m

KUALA LUMPUR: Sunway City (Penang) Sdn Bhd (SCP), an indirect unit of Sunway Bhd, has signed a sale and purchase agreement with Luxor Precision Sdn Bhd to acquire four pieces of freehold land in Penang for RM267.41 million.

In a filing with Bursa Malaysia last Friday, Sunway said SCP had successfully bid for the land, together with the existing buildings, plant nurseries and other structures, on Dec 17.

The proposed acquisition will provide Sunway with an estimated gross development value of RM1.5 billion when fully developed, it said in an earlier announcement to Bursa Malaysia.

“The proposed development for the land will consist of commercial shops, small office and home office, as well as high-rise residential units that will strengthen Sunway’s presence in the Penang property market,” it added.

Sunway said the land is strategically located within the vibrant centre of Penang Island, surrounded by tourism spots as well as mature residential townships. — Bernama


This article first appeared in The Edge Financial Daily, on December 30, 2013.