Friday 29 Mar 2024
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PETALING JAYA (Feb 1): Sunway Bhd (Sunway) wholly-owned subsidiary Sunway Kinrara Sdn Bhd has signed a sale and purchase agreement (SPA) to acquire a 3.34-acre parcel of prime freehold land from CTM Development Sdn Bhd in Taman Mutiara, Kuala Lumpur at a purchase consideration of RM42 million. Sunway plans to develop exclusive homes to fit the new norm and lifestyle.

The residential development on the land will comprise town houses and condominiums. It is expected to be ready for launch by the first half of 2022 (1H22) with a tentative completion date in 2026 to contribute to Sunway’s earnings from 2022.

Sunway Property managing director Sarena Cheah said in a press release: “The proposed freehold, close-to-transit development will cater to pent-up demand for larger living spaces with more activities done at home as part of the new normal including working from home. In addition, we are planning for spacious and functional outdoor areas within the development with health and well-being a top priority in the minds of everyone.”

Cheah said: “We plan to develop an exclusive residential development comprising just 255 units of town houses and condominiums with slightly larger built-up areas to accommodate new normal lifestyles. First-time homebuyers, young families, upgraders and seniors who have long called Cheras their home and want to move to a more secure community with lifestyle facilities will find the development attractive as it will be designed with elements of connectivity, healthy lifestyle, convenience, community and security in place.”

She added: “We expect prices to start from approximately RM650 psf which would be competitive given the low density, freehold tenure and strategic location in the heart of Cheras.” 

Located 400 metres away from EkoCheras Mall that offers direct connectivity to the Taman Mutiara MRT station, the land is surrounded by a host of amenities within a 5km radius including Sunway Velocity, Taman Tasik Permaisuri Park, Pantai Hospital Cheras, UKM Medical Center and UCSI University. It also has easy access to multiple highways such as the Cheras Kajang Expressway, the Kuala Lumpur Middle Ring Road 2 and the Salak Expressway. The 122-acre Taman Permaisuri Park, which is one of the largest green lungs in Kuala Lumpur, is located less than 5km away.  

Sunway acquired the land with an approved development order secured, which will accelerate the development’s speed to market. This marks the developer’s first land bank acquisition for the year and reflects its confidence that the property market will recover in 2021 after a slower 2020 as a result of the pandemic.  

Taman Mutiara is located about 10km from the Kuala Lumpur city centre and is a well-established residential area that has benefitted from infrastructure investments in the MRT Sungai Buloh-Kajang Line. Residents are able to commute to the upcoming financial centre at the Tun Razak Exchange and Bukit Bintang in just five to six stops respectively from the nearby Taman Mutiara MRT station. 

In addition, the development is further anticipated to provide additional spillover in support of its nearby integrated development, Sunway Velocity, which is just three stops away from the Taman Mutiara MRT station. Sunway Velocity includes the 1,000,000 sq ft shopping mall Sunway Velocity Mall, Sunway Medical Center Velocity and Sunway College @ Velocity. 

Cheah added: “Sunway Property will be actively looking for more strategic opportunities in 2021 given the soft property market. We want to be prepared for any turnaround of the property market in the coming years.”    

To date, the developer’s total land bank stands at 3,326 acres, amounting to RM 51.6 billion in gross development value (GDV), with a total development period of 15 years. 

Edited ByErlynda Jacqui Chan
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