Sunsuria buys land for RM74.16mil

KUALA LUMPUR: Sunsuria Bhd has proposed to acquire a piece of 60.81 acres leasehold land in Mukim Ijok, Kuala Selangor for RM74.16mil.

In a filing with Bursa Malaysia, the developer said its wholly-owned subsidiary, Sunsuria Residence Sdn Bhd had entered into a sale and purchase agreement (SPA) to acquire the land from Superjet Revenue Sdn Bhd.

“The proposed acquisition represents an opportunity for Sunsuria Group to accumulate strategic industrial land for property investment and/or development purposes.

“The said land is situated in a strategic location where the necessary infrastructures are readily available, with positive industrial development potential within the area,” Sunsuria said.

It added that the purchase consideration will be funded by a combination of bank borrowings and internally generated funds.

The proposed acquisition is expected to be completed within 12 months from the date of the SPA.