Sunsuria Bhd and Genlin Development Sdn Bhd are jointly acquiring and developing two pieces of freehold land measuring 2.23 acres in Sentul, Kuala Lumpur, for a mixed project comprising serviced apartments and retail units.
Sunsuria via its 99.99%-owned subsidiary Sunsuria Gateway Sdn Bhd has entered into a joint venture (JV) with Genlin via a shareholders’ agreement (SHA) for the project. Sunsuria executive chairman Datuk Ter Leong Yap said the land purchase reflects the group’s ambition to broaden its horizons as the company continues to seek out and pursue new development opportunities.
Goodwill Signature Sdn Bhd, a wholly owned subsidiary of Sunsuria Gateway, has been identified as the JV vehicle to undertake the development of the land. Goodwill Signature will also acquire the land from Genlin for RM28 million cash (RM288 psf).
Under the SHA, both Sunsuria Gateway and Genlin will respectively hold 70% and 30% shareholding equity in Goodwill Signature. Sunsuria Gateway expects to fully subscribe for the shares in Goodwill Signature in cash through internally generated funds. Goodwill Signature will finance the land purchase via shareholders’ advances by the parties, based on the agreed proportions. Sunsuria Gateway’s share of the shareholders’ advances is RM19.6 million.
The subscription of shares in Goodwill Signature is expected to be completed by the fourth quarter of the financial year ending Sept 30, 2017 (FY17) while the proposed land acquisition is expected to be completed by the first quarter of FY18.
Astramina Advisory Sdn Bhd is the appointed financial advisor for Sunsuria Group in relation to the proposals.
Article adopted from: The Sun
Earlier in May 2017, Mah Sing announced that they are entering into a JV with T.S Law to acquire a 8.5-acres of land located just 300m north from this site for RM95 mil (RM256 psf). The development will target first time home buyers and will be known as M Centura.
Lot no: Lot 30259 & 1070, Mukim Setapak, WilayahPersekutuan Kuala Lumpur
Land area: 2.23-acre in total
Lot 30259 – 5,951 sqm/1.47-acre
Lot 1070 – 3,079.06 sqm/0.76-acre
Category of Land Use: Agricultural & not stated
Land price: RM28 mil (RM288 psf) in total
Lot 30259 – RM18.45 mil (RM288 psf)
Lot 1070 – RM9.55 mil (RM288 psf)
Date of transaction: 26 July 2017
Vendor: Genlin Development Sdn Bhd
Purchaser: Goodwill Signature Sdn Bhd (JVCo of Sunsuria and Genlin)