Sunway Holdings buys land for RM37.793 million

PETALING JAYA: Sunway Holdings Bhd has entered into a sale and purchase agreement with Taman Equine Riding Sdn Bhd to purchase a 33.37 acre plot of land in the vicinity of Taman Equine in Subang Jaya, Selangor, via the former’s wholly-owned property development subsidiary, SunwayMas Sdn Bhd, for RM37.793 million.

Semi-detached and bungalow villas have been planned for this plot and the launch of these properties (with expected gross development value of approximately RM250 million) is scheduled for early-2011.

Located close to the mature townships of Puchong, Bandar Kinrara, Bandar Sunway and Petaling Jaya, it is accessible via several major roads and highways including the Lebuhraya Damansara-Puchong (LDP) and Maju Expressway (MEX).

"With this acquisition, Sunway Holdings’ total landbank now stands at approximately 440 acres with a GDV of RM2.2 billion. We expect to launch approximately RM800 million worth of property projects in Malaysia, Singapore and China for the rest of this year,” Sunway Holdings’ managing director Yau Kok Seng said in a statement on April 28.

SunwayMas had earlier this month entered into a joint venture with Monty Properties Sdn Bhd to develop 2-storey terraced and semi-detached homes on three parcels of land totalling 16.92 acres in Puncak Jalil with a GDV of RM120 million.

It has also recently acquired a 98-acre plot of land with a GDV of RM500 million in Templer Park.

Preparations are underway for the anticipated launch of both Puncak Jalil and the Templer projects later this year.

“Impressive take-up rates for our on-going projects, including Sunway Rydgeway in Melawati as well as from our two public-housing projects in Singapore, provide us with more than RM500 million in unbilled sales to date,” Yau said.

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