KUALA LUMPUR (Oct 25): Sunway Property plans to undertake a condominium project with a potential gross development value of RM300 million in Wangsa Maju, Kuala Lumpur.
Today its 55 percent-owned subsidiary Sunway Avila Sdn Bhd signed an agreement to acquire a parcel of freehold land measuring 1.5 hectares — the site of the project — for RM36.97 million, the master community developer said in a statement.
The proposed development comprising 468 condominium units is targeted for launch in the second half of 2021.
It is anticipated to mirror the success of Sunway Avila, located just 200 metres away, Sunway Property said.
“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.
Sunway Property will leverage on the existing customer base that it has built within the area. Future residents would also benefit from the covered walkway to the Sri Rampai LRT station, she added.
The land is Sunway Property’s fifth land acquisition this year. Sunway’s land bank currently totals 1,360 hectares, with a total GDV forecast of RM58.9 billion over a development period of up to 15 years.