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Malaysia: Sunway buys land in Penang for $460M

Malaysia: Sunway buys land in Penang for $460M
Sunway Bhd plans to buy 4 parcels of land in Penang for RM267.42 million (US$ 82 million) to be developed into commercial shops, SOHO, and high rise residential units with an estimated gross development value of RM1.5 billion (US$ 460 million), in an effort to strengthen the group's presence in the Penang property mark
Sunway Bhd plans to buy 4 parcels of land in Penang for RM267.42 million (US$ 82 million) to be developed into commercial shops, SOHO, and high rise residential units with an estimated gross development value of RM1.5 billion (US$ 460 million), in an effort to strengthen the group's presence in the Penang property market.

In a filing with Bursa Malaysia yesterday, Sunway said its wholly-owned Sunway City (Penang) Sdn Bhd had succeeded in bidding for the 4 parcels of land with the existing buildings, plant nurseries, and other structures erected thereon from C. H. Williams Talhar & Wong, the property agent for Luxor Precision Sdn Bhd, a wholly-owned subsidiary of Lee Rubber Company (Pte) Ltd.

According to Sunway, the land is located near Kek Lok Si Temple and the lower train station to the Penang Hill Resort. Through the main thoroughfare Jalan Paya Terubong, it is linked to Georgetown via Jalan Air Itam to the East, and the FTZ area of Bayan Lepas and the Penang Bridge in the west through Jalan Relau.
Penang, being one of the highest economic growth states fits into Sunway's strategy in relation to its Malaysian land bank expansion profile.

With the improving state's tourism and economic sentiment coupled with the strategic location of the land, Sunway is confident that the project will get a good response when it is launched.
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