The project on 2.23 acres will be developed in a joint venture with Genlin Development Sdn Bhd.
The developer said in a statement to Bursa Malaysia that Goodwill Signature Sdn Bhd, which is 70% owned by its 99.99%-owned subsidiary Sunsuria Gateway Sdn Bhd and 30% by Genlin, would acquire the two pieces of freehold land from Genlin for RM28mil.
The land is intended to be developed into service apartments and retail units. However, the final development plan would only be finalised at a later stage, it said.
The proposed land acquisition, expected to be completed by the first quarter of the financial year ending Sept 30, 2018,
This new land bank purchase reflects the company’s ambition to broaden its horizons beyond its current developments.
It will allow the group to strengthen its existing property development activities, which are mainly located in Salak Tinggi, Shah Alam and Bukit Jelutong.
According to Ter, the company will continue to seek out and pursue new development opportunities.
“We are enjoying tremendous success with our current projects in Sunsuria City and The Forum in Setia Alam, and they continue to be well received by our customers. We want to build on this success and take our best-in-class solutions to high-growth potential areas,” he said.
“This opportunity to expand our business to within the heart of Kuala Lumpur is just the first step and we expect new landbank opportunities in the near future.”
Located in Sentul, the land is in a fast-rising neighbourhood off the Duta expressway with prominent landmarks in the immediate vicinity such as KL Pac, UTC Sentul and Kem Batu Kentonmen.
The associated development cost for the land would be financed through a combination of internally generated funds and/or external bank borrowings, Sunsuria said.