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Wednesday, April 28, 2010

Sunway buys Subang land for RM37.79m

SUNWAY Holdings Bhd's wholly owned subsidiary, SunwayMas Sdn Bhd, today entered into a sale and purchase agreement with Taman Equine Riding Sdn Bhd to purchase 13.35 hectares land in the vicinity of Taman Equine in Subang Jaya, Selangor, for RM37.793 million.

In a statement, Sunway said semi-detached and bungalow villas have been planned for this land and is scheduled for launch in early 2011.

The project will have a Gross Development Value (GDV) of approximately RM250 million.

It said the land is located close to the mature townships of Puchong, Bandar Kinrara, Bandar Sunway and Petaling Jaya, and accessible via several major roads and highways including the Lebuhraya Damansara-Puchong (LDP) and Maju Expressway (MEX).
Yau Kok Seng, Managing Director of Sunway said with the acquisition, Sunway's total land bank now stood at 176 hectares with a GDV of RM2.2 billion. It expects to launch about RM800 million worth of property projects in Malaysia, Singapore and China for the rest of this year.

SunwayMas entered into a joint-venture with Monty Properties Sdn Bhd earlier this month to develop double-storey terraced and semi-detached homes on three parcels of land totalling 6.77 hectares in Puncak Jalil with a GDV of RM120 million.

It also recently acquired 39.2 hectares land with a total GDV of RM500 million near Templer Park.

Preparations are underway for the anticipated launch of both Puncak Jalil and the Templer projects later this year, it added.

Yau said impressive take-up rates for Sunway's on-going projects, including Sunway Rydgeway in Melawati as well as from its two public housing projects in Singapore, has provided it with more than RM500 million in unbilled sales to date.

By Bernama

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