It was also agreed that Kar Sin will promptly apply for and ensure the issuance of a new title document to the property that clearly indicates that Kar Sin had acquired the land prior to selling it to Sunway Living Spaces.
Phase 1 of Sunway Velocity 3 comprises two serviced residence blocks with built-ups from 721 to 1,076 sq ft.
The outlet’s tenants include companies from industries such as technology, financial technology (fintech) and travel agencies, as well as digital nomads via Malaysia Digital Economy Corporation (MDEC)’s DE Rantau programme.
The construction will consist of 1,604 units of serviced apartments in two 60-storey blocks, which also comprise a level of basement car park, 8 levels of elevated car parks, two levels of mezzanine as well as recreation facilities.
According to a bourse filing on Thursday (Feb 15), YNH’s wholly-owned Kar Sin Bhd and Sunway Bhd unit, Sunway Living Sdn Bhd, mutually agreed on Feb 9 to extend the conditional period for a further three months after the expiry of the third three-month extension.
“There are no liquidated damages or penalties that the company needs to compensate [concerning the SPA with ALX Asset].
The project, which is expected to be completed in the third quarter of 2026, is expected to contribute positively to Kimlun Group’s earnings and net assets for the financial years during the contract period.
The contraction in Sunway REIT’s NPI was attributed to higher reversal of doubtful debt provision recorded in 4QFY2022 and the impact of increased Imbalance Cost Pass-Through (ICPT) electricity charges across all segments.
YNH had previously inked an agreement in November 2022 to sell the mall for RM270.
Looking ahead, the new offerings at Sunway Resort Hotel are expected to widen the REIT’s customer base and increase its market share.
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