- 4.53 acres within 500 meters from Maharajalela monorail station
- Residents to benefit from strategic location, green surroundings and spectacular views
Sunway City, 13 July 2017 – Leading Malaysian conglomerate Sunway Berhad, today announced the acquisition of a parcel of freehold land measuring 4.53 acres in Jalan Belfield, Kuala Lumpur for RM165.0 million.
The proposed development on the land will comprise mainly serviced apartments with some lifestyle retail units. The mixed development will have an estimated gross development value (GDV) of RM1.1 billion, comprising RM1.05 billion worth of serviced apartments and RM50.0 million of retail units. The development is to be developed over a five-year development period and is estimated to be launched by the second half of 2018. The serviced apartments are expected to be priced from RM550,000 onwards.
The new land bank, to be purchased through a combination of bank borrowings and internally generated funds, will be acquired from LGT Sdn Bhd, Tan Sri Lim Kok Thay, Puan Sri Datin Seri Lim (Nee Lee) Kim Hua, Yarraville Sdn Bhd, Dandenong Sdn Bhd and Ripponlea Sdn Bhd. The land is strategically located in the Kuala Lumpur city center, and within 3 kilometers from prominent landmarks including the Bukit Bintang shopping belt, the KL Sentral transport hub and Perdana Botanical Gardens.
Future residents of the development will be able to enjoy the locale’s green surroundings, with spectacular views of the old Istana Negara from one end and the upcoming tallest building in Kuala Lumpur, Warisan Merdeka, on the other; offering tranquility amidst the conveniences of living in the city.
The Maharajalela monorail station is also located within 500 meters from the Land, providing easy access for residents to the Bukit Bintang shopping belt and to the KL Sentral transport hub which has connections to intercity trains, Airport Express and other LRT lines. The Land also has easy access to and from Federal Highway, and the North and South Bound PLUS Expressway via Jalan Syed Putra, Jalan Damansara and Jalan Istana.
The acquisition is expected to provide further earnings visibility for the conglomerate. Sunway Berhad’s land bank now stands at 3,305 acres with a total GDV of RM 51.6 billion. Besides its sizeable land bank for development, Sunway also owns and manages over 30 million square feet of commercial properties.
The acquisition follows Sunway Berhad’s acquisition earlier this year of an 8.45-acre prime land along Jalan Peel which will be developed as Sunway Velocity TWO, a strategic extension to the conglomerate’s highly successful 23-acre Sunway Velocity which is next to the Cochrane Mass Rapid Transit (MRT) station as well as the Maluri MRT and LRT interchange. Sunway Velocity has clinched over RM1.0 bil in property sales since its launch in 2008 and together with the fully occupied Sunway Velocity Shopping Mall, Sunway Velocity Hotel (opening Q3 2017) and Sunway Velocity Medical Center (opening Q4 2018), all of which continues to be owned and managed by Sunway, this transit oriented development will have a total gross development value of RM5.0 billion.
Last month, Sunway Berhad had moved its listing from the Properties counter to the Trading/ Services counter on the Main Board of Bursa Malaysia securities. The reclassification better reflects Sunway Berhad’s strength as a conglomerate with diverse yet complementary businesses that are mostly in leadership positions in their respective sectors.
For more information of Sunway Berhad’s property division, please log on to www.sunwayproperty.com.my.
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