Sunway buys prime land in Petaling Jaya

ISSUE 1, CORPORATE

Sunway Kelana Jaya

Sunway Berhad signed agreements to acquire 17 acres of prime land in Kelana Jaya from Kelana Resorts Sdn. Bhd. on 8 May 2015. Strategically located close to central Petaling Jaya, Sunway City and Subang Jaya, and within walking distance of the Setia Jaya KTM station, the land is slated for a mixed development with an estimated gross development value (GDV) of RM1.8 billion.

Sunway Berhad (via wholly-owned subsidiary Sunway Dimension Stones Sdn. Bhd.) has entered into sale and purchase agreements with Kelana Resorts Sdn. Bhd. and Viva Variasi Sdn. Bhd. (a wholly-owned subsidiary of Kelana Resorts Sdn. Bhd.) to purchase the land parcels for approximately RM286 million, or RM386.31 per square foot.

Location, location, location
Fronting the Lebuhraya Damansara-Puchong (LDP) expressway, the land is easily accessible from major highways and local roads; amongst others, via an underpass on Lebuhraya Damansara–Puchong, the Federal Highway via Jalan Majlis, and local roads. It is a 600-metre walk from the Setia Jaya KTM station and will potentially benefit from the currently proposed Kuala Lumpur Bus Rapid Transit (BRT) – Klang line and the Sunway–Setia Jaya BRT station. Sited next to Western Digital (within the Sungai Way Free Trade Zone), the land is also adjacent to the beautiful Kelab Golf Negara Subang which has two 18-hole golf courses and a 15-acre body of water.

On the proposed development, Sunway Berhad’s Managing Director of the Property Development Division for Malaysia and Singapore, Sarena Cheah said, “The 17-acre land in a prime location in Petaling Jaya will allow us the flexibility to design and develop a modern lifestyle mixed development amid lush greens and a water body.

“It will be a highly sought-after development given, its prime location and wide accessibility. It is also flanked by the mature and affluent neighbourhoods of Petaling Jaya, Sunway  City and Subang Jaya,” she added.

To date, Sunway Berhad’s unbilled property sales of RM2.5 billion combined with its remaining landbank of 3,380 acres with a potential GDV of RM50 billion will keep the property division busy for the next 15 years.

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