Sunway to buy Selangor land

SUNWAY Holdings Bhd plans to buy 33.37 acres of leasehold land in Taman Equine, Bandar Putra Permai, Selangor, from Taman Equine Riding Sdn Bhd for RM37.8 million.

It intends to build semi-detached and bungalow villas on the land, which has an indicative gross development value of RM250 million and is scheduled for launch in early 2011.

Sunway Holdings, via its subsidiary SunwayMas Sdn Bhd, yesterday entered into a sale and purchase agreement with Taman Equine for the acquisition.

"With this acquisition, Sunway Holdings' total land bank now stands at 440 acres with a GDV of RM2.2 billion," said Sunway Holdings managing director Yau Kok Seng in a statement yesterday.

The group is expected to launch some RM800 million worth of property projects in Malaysia, Singapore and China this year.

By Business Times