Sunway Berhad has entered into a privatisation agreement with the Selangor State Development Corporation (PKNS) through its 60:40 subsidiary with the latter, Sunway PKNS Sdn Bhd, to develop a mixed development on a prime 9.5-acre parcel of leasehold land in Kota Damansara.
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| Sunway signs privatisation agreement with PKNS |
Sunway Berhad Property Division Managing Director Sarena Cheah signed the agreement on behalf of Sunway PKNS Sdn Bhd with PKNS CEO Datuk Mohd Azizi Mohd Zain on behalf of PKNS.
The proposed development will comprise serviced apartments and lifestyle retail units with an estimated RM544 million in gross development value and is targeted to be completed in 2025.
The Proposed Development will add 9.5 acres of land to Sunway’s land bank, providing further visibility to the future earnings of the Group. Including this parcel of land, Sunway’s landbank stands at 3,294 acres including land bank in Malaysia, Singapore, China and India with a GDV of RM 56.6 bil. Sunway’s unbilled sales is at RM2.2bil as of March 2019.
This year to date, Sunway has rolled out Sunway Onsen Suites, Sunway Avila, and Sunway Velocity Two. The developments have been well-received, averaging 80% take-up rate. For 2019, Sunway will look to RM 2 billion in launches.
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