Sunway acquires George City land for mixed-use improvement

Sunway Bhd has acquired a freehold land parcel in George City, Penang, as a part of a broader RM179.8 million funding to replenish its improvement landbank and strengthen its future undertaking pipeline.

In an announcement, Sunway Bhd mentioned the Penang acquisition entails a 0.42-hectare freehold website alongside Jalan Pangkor, bought for RM61.45 million by its unit Sunway Bintang Sdn Bhd. The location is situated about 500 metres from Gurney Bay and is meant for a mixed-use improvement comprising serviced flats and retail elements. The undertaking is estimated to have a gross improvement worth (GDV) of roughly RM274 million.

Sunway Property managing director Chung Soo Kiong mentioned the transfer displays the group’s confidence in Penang’s continued development as a regional hub for funding and tourism, whereas strengthening Sunway’s presence in established city areas.

Past Penang, the group additionally accomplished two acquisitions in Selangor. In Puchong, Sunway, through Sunway Kiara Sdn Bhd, entered right into a sale and buy settlement with Glomac Al-Batha Sdn Bhd to amass a 2.74-hectare leasehold parcel for RM97.3 million. The land, which has direct entry to the Damansara–Puchong Expressway and Shah Alam Expressway, is earmarked for a mixed-use improvement comprising serviced flats and neighbourhood retail, with an estimated GDV of RM770 million.

Individually, Sunway, by its wholly owned unit Wealthy Worldclass Sdn Bhd, acquired a 0.45-hectare freehold parcel in USJ 1 for RM21 million. The location adjoins Sunway’s present landholding within the space, enabling the consolidation of about 1.26 hectares close to the USJ 1 Bus Fast Transit station for a possible transit-oriented improvement.

The group mentioned all tasks shall be guided by its design and improvement framework, incorporating sustainability, innovation, well being and wellness, and long-term neighborhood concerns, in collaboration with native authorities and stakeholders.