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PETALING JAYA: Sunway Bhd’s property arm, Sunway Property, is acquiring land in Rawang to develop the Industrial Technology Park with a gross development value (GDV) of at least RM2bil.
The 245-acre freehold land in Kuang, to be purchased for RM115mil, will house factories, warehouses and commercial units, according to Sunway Property in a statement.
The acquisition and proposed development of the land will be carried out via a joint venture (JV) between Sunway City Sdn Bhd, a wholly-owned subsidiary of Sunway Bhd, and Amal Resources Sdn Bhd.
On Aug 2, Sunway Property – via its wholly-owned subsidiary, Sunway Rawang City Sdn Bhd (SRCSB) – had signed a sale and purchase agreement to acquire the parcel of prime land from Kauthar Equities Sdn Bhd.
On the same day, Amal Resources signed an agreement to subscribe into SRCSB as the JV company.
According to Sunway Property, it envisions the project to be a “vibrant ecosystem” that integrates state-of-the-art infrastructure, robust digital connectivity, and sustainable features.
Located adjacent to the Latar Expressway, the site is 35-minute drive from the Kuala Lumpur City Centre and is within an hour’s reach from both the Kuala Lumpur International Airport and Port Klang.
This makes the location, according to Sunway property, “ideal” to complement the burgeoning industrial areas in Rawang.
The property company also noted that its proven track record in sustainable development and commitment to leverage technology, would ensure that the project , meet the demand in the industrial sector as well as set a new benchmark.
Sunway Property managing director Sarena Cheah said the acquisition of the land signified the company’s dedication to developing a “future-ready project that integrates technology, sustainability and innovation”.
It would meet the needs of modern businesses and add to Sunway Property’s expanding industrial development portfolio, she said.
“The strategic acquisition is in line with Sunway Property’s commitment to driving innovation, technology and sustainable development in the industrial sector while catering to the evolving needs of businesses in the digital age.
“We hope to contribute by spurring innovation, economic growth, job creation and attract investments with this new project,” Cheah added.
With a total land bank of 3,068 acres and a potential GDV of RM49.7bil over a period of more than 15 years, Sunway Property said it is poised for sustainable growth.
It is targeting sales of RM2.3bil for its current financial year on the back of a better economic outlook and improving sentiment.
The company achieved RM2bil in sales with an unbilled revenue of RM4.3bil in 2022.
It is hopeful about the property development prospects for this year given the resilient economic outlook.
With a strong pipeline of projects that are designed for the current market, Cheah said Sunway Property is confident of achieving its sales target of RM2.3bil for 2023.
