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Wednesday, December 18, 2013

Sunway wins RM267mil land bid in Penang

Source: http://www.thestar.com.my/Business/Business-News/2013/12/18/Sunway-wins-RM267mil-land-bid-in-Penang.aspx

KUALA LUMPUR: Sunway Bhd through its wholly-owned subsidiary, Sunway City (Penang) Sdn Bhd, won the bid for four parcels of land at RM267.4mil in North East district, Penang, from C. H. Williams Talhar and Wong, the property agent for Luxor Precision Sdn Bhd.
Sunway, in a filing with Bursa Malaysia yesterday, said the parties will enter into a sales and purchase agreement for the proposed acquisition, including existing buildings, plant nurseries and other structures on the land, within 14 days from the date of the notice of acceptance of Dec 16.
It said the proposed acquisition would provide Sunway with an estimated gross development value of RM1.5bil when fully developed, as the land was strategically located within the vibrant centre of Penang Island and surrounded by tourism spots as well as mature residential townships.
It added that the proposed development for the land consisted of commercial shops, small office home office and high rise residential units and that it would strengthen Sunway’s presence in the Penang property market.
On prospects, it said residential and commercial properties in Penang, especially on Penang Island, had good potential due to scarcity of land and continuous strong demand. – Bernama


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