Sunway Bhd is jointly acquiring a piece of 4.34-acre freehold land in Wangsa Maju for RM51.07 mil (RM270 psf) to undertake a mixed development project. The land is located opposite The Quartz @ Wangsa Maju by Beverly Group and adjacent to Infiniti 3 by the vendor, Setapak Heights Sdn Bhd.
The acquisition was made from Setapak Heights Development Sdn Bhd by Sunglobal Resources Sdn Bhd, in which Sunway owns a 55% stake with the other 45% held by Huatland Development Sdn Bhd. The deal is conditional upon the Vendor having obtained a revised development order or development approval in its name with an approved plot ratio of not less than 5.0 times and the Vendor having provided the documentary evidence that all premium and development charges in respect of such revised development order or development approval have been fully settled.
Sunway said the development — comprising two blocks of serviced apartments with some lifestyle units on the podium — is expected to be completed over a five-year period, and will have a gross development value (GDV) of RM500 million. The proposed development will have products with average pricing of approximately RM550,000 which would fulfill the needs of affordable housing customers.
The vendor of the land, Setapak Heights Sdn Bhd, is also the developer of Infiniti 3 and Villa Wangsa Mas Condo which are located adjacent to the site. The JV partner of Sunway – Huatland Development Sdn Bhd, shares a similar registered address with the vendor but we are not able to confirm if the vendor and JV partner are related party at the time of writing.
Currently, Sunway’s landbank in the Klang Valley stands at 3,325 acres. Over the last six months, the group has acquired five plots of land with a total GDV of over RM5.5 billion.
Lot no: Lot 30353, Mukim Setapak, Wilayah Persekutuan Kuala Lumpur
Land area: 17,578 sqm/4.34 acres
Category of Land Use: Building (Commercial)
Plot Ratio: 1:5
Land price: RM51.07 mil (RM270 psf)
Date of transaction: 16 August 2017
Vendor: Setapak Heights Sdn Bhd
Purchaser: SunGlobal Resources Sdn Bhd (JVCo of Sunway and Huatland Development Sdn Bhd)