KUALA LUMPUR: Sunway Property, a division of Sunway Bhd, has acquired 3.69 acres of freehold land in Wangsa Maju for a proposed residential development.
Sunway’s 55% owned subsidiary, Sunway Avila Sdn Bhd, bought the land for RM36.97mil, a statement from Sunway Property said.
The proposed development comprises 468 condominium units with a potential gross development value (GDV) of about RM300mil.
It targeted launch is the second half of 2021. The proposed development is anticipated to mirror the success of Sunway Avila, sited about 200 metres away from the new acquisition.
The site has an approved development order which will contribute to its quick turnaround.
“This is a strategic acquisition for us as Sunway Avila has been highly successful, indicating a match with the current gap in supply of affordable developments near transit centres which are located close to the city centre. Because of its strategic location, it allows for easier commute and convenience which suits the current urban lifestyle,” said Sunway Property managing director Sarena Cheah.
“With the new development, we will leverage on the existing customer base that we have built within the area. Future residents will also benefit from the covered walkway to the Sri Rampai LRT station,” she added.
The first tower of Sunway Avila, launched in the first half of 2019, has a take-up rate of 90% within a short period of time.
That project comprises 405 serviced residences.
The recent acquisition is located about 550 meters from the Sri Rampai LRT station, six stops or 12 minutes to KLCC on the LRT. It is surrounded by greenery and also encircled by amenities including the Wangsa Walk Mall which is 700m away and Setapak Central Mall, which is 2.7km away.
Healthcare providers, Columbia Asia and Gleneagles Kuala Lumpur, and education institutions like International School Kuala Lumpur, Sri Utama, Fairview International School and TAR College are all within a 5km radius from the site.
The land is Sunway Property’s fifth land acquisition this year, the first being 6.16 acres in Tampines, Singapore, for an executive condominium housing development with a planned GDV of RM2.4bil.
The second is a 9.5-acre leasehold parcel in Kota Damansara, Petaling Jaya with an estimated GDV of RM544mil.
This was followed by 6.5 acres in Tianjin Eco-City, China, with an estimated GDV of RM770mil.
Prior to this acquisition, the group bought 11.8 acres, freehold, in Mutiara Bukit Jalil. Sunway’s landbank currently totals 3,359 acres, with a total GDV of RM58.9bil with the development period of up to 15 years.
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