Sunway Bhd is acquiring a 4.53 acres of freehold land in Jalan Belfield to undertake a mixed-use development featuring serviced apartments and lifestyle retail units with a combined gross development value of RM1.1 billion.
Sunway’s wholly-owned unit, Sunway City Sdn Bhd via Sunway Innopark Sdn Bhd signed a sales and purchase agreement with Genting Bhd’s chairman and chief executive Tan Sri Lim Kok Thay, his mother Puan Sri Lee Kim Hua and three beneficial owners to buy the land for RM165 million (RM836.18 psf). The three beneficial owners are Yarraville Sdn Bhd, Dandenong Sdn Bhd and Ripponlea Sdn Bhd.
Based on its feasibility studies, Sunway said the development will take five years and the project is expected to be launched by the second half of 2018. The land is located in a leafy enclave, right in the centre of Kuala Lumpur, with views of the old Istana Negara from one end of the proposed development and the upcoming tallest building in Kuala Lumpur, Warisan Merdeka, from the other. Sunway proposes to have a mainly residential development on the land to take advantage of its unique characteristics which should appeal to urban buyers who appreciate the tranquility of the immediate surroundings yet enjoying the conveniences of living in the city.
The project site is near to the proposed The Belfield by Tradewinds and The Opus (under construction) by Bina Puri Bhd.
History of the land:
Back in year 2014, Genting family was said to be collaborating with F3 Capital Sdn Bhd to develop this piece of land into a mixed development comprising 2 office blocks of 33 and 43 storeys above a podium, dubbed lifestyle hub and a 46-storey serviced apartment block. The project was known as LGT Green as it is located in a green enclave. F3 Capital was appointed as a development partner in charge of marketing, sale and execution of the project while Genting Group was the project manager.
Lot no: Lot No. 20010, Seksyen 69 Bandar Kuala Lumpur, Negeri Wilayah Persekutuan Kuala Lumpur
Land area: 4.53 acres (18,332 square metres)
Category of Land Use: Building
Land price: RM165 million (RM836.18 psf)
Date of transaction: 13 July 2017
Vendor: LGT Sdn Bhd (“the Registered Owner”) and
Tan Sri Lim Kok Thay, Puan Sri Datin Seri Lim (Nee Lee) Kim Hua, Yarraville Sdn Bhd (“Yarraville”), Dandenong Sdn Bhd (“Dandenong”) and Ripponlea Sdn Bhd (“Ripponlea”) (collectively “the Beneficial Owners”)
Purchaser: Sunway Innopark Sdn Bhd (subsidiary of Sunway Berhad)
1. The Land will be acquired with approvals obtained for a mixed-use development with a plot ratio
of 8.81 times.
2. The development will be ready for launch by second half of 2018.