Sunway Berhad’s (Sunway) wholly-owned subsidiary, Sunway Kinrara Sdn Bhd, has signed a sale and purchase agreement to acquire a 3.34-acre parcel of freehold land from CTM Development Sdn Bhd in Taman Mutiara, Kuala Lumpur at a purchase consideration of RM42 million for the development of exclusive homes with consideration of new norm lifestyles.
The land is located 400 metres away from EkoCheras Mall that offers direct connectivity to the Taman Mutiara MRT station and surrounded by a host of amenities within a five-kilometre radius including Sunway Velocity, Taman Tasik Permaisuri Park, Pantai Hospital Cheras, UKM Medical Center and UCSI University.
It also enjoys easy access to multiple highways such as the Cheras Kajang Expressway, the Kuala Lumpur Middle Ring Road 2 and the Salak Expressway, according to a media statement by Sunway.
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Sunway acquired the land with an approved development order secured, which will accelerate the development’s speed to market. The development is expected to be ready for launch by the first half of 2022 with the expected completion in 2026.
Commenting on the acquisition, Sunway Property’s managing director, Sarena Cheah said, “The proposed freehold, close-to-transit development will cater to the pent-up demand for larger living spaces with more activities done at home as part of the new normal including working from home.”
“In addition, we are planning for spacious and functional outdoor areas within the development with health and wellbeing a top priority in the minds of everyone,” she added.
“We plan to develop an exclusive residential development comprising just 255 units of townhouses and condominiums with slightly larger built-up area to accommodate new normal lifestyles.
“First time homebuyers, young families, upgraders and seniors who have long called Cheras their home and want to move to a more secure community with lifestyle facilities will find the development attractive as it will be designed with elements of connectivity, healthy lifestyle, convenience, community and security in place.
“We expect prices to start from approximately RM650 per square foot which would be competitive given the low density, freehold tenure and strategic location in the heart of Cheras,” she noted.
The acquisition is Sunway Property’s first landbank acquisition for the year and reflects its confidence that the property market will recover in 2021 after a slower 2020 as a result of the pandemic.
Cheah adds, “Sunway Property will be actively looking for more strategic opportunities in 2021 given the soft property market. We want to be prepared for any turnaround of the property market in the coming years.”
Currently, Sunway’s total landbank stands at 3,326 acres amounting to RM51.6 billion in gross development value with a total development period of 15 years.
Image source from The Edge
