KUALA LUMPUR: Sunway Bhd
’s property arm, Sunway Property, through its wholly-owned subsidiary, Sunway Rawang City Sdn Bhd (SRCSB) has acquired a 245-acre parcel of prime freehold land at Kuang, Rawang for RM115mil.
SRCSB signed a sale and purchase agreement (SPA) on Aug 2, to acquire the Rawang land from Kauthar Equities Sdn Bhd.
In a statement, Sunway said the acquisition and proposed development of the land will be carried out via a joint venture between Sunway City Sdn Bhd (a wholly-owned subsidiary of Sunway Bhd), and Amal Resources Sdn Bhd, who had signed a joint venture agreement on the same day to subscribe into SRCSB as the joint venture company.
Sunway said the location of the land, which is situated adjacent to the LATAR Expressway (or Kuala Lumpur-Kuala Selangor Expressway) made it an ideal site for the proposed Industrial Technology Park to complement the burgeoning industrial areas in the Kuang and Rawang regions such as the Kuang Industrial Area and Rawang Industrial Park.
The proposed Industrial Tech Park will comprise factories, warehouses, and commercial components with a gross development value (GDV) of at least RM2bil.
Sunway Property managing director Sarena Cheah said this acquisition signified its dedication to developing a future-ready Industrial Tech Park that integrates technology, sustainability, and innovation to meet the needs of modern businesses and add to our ever-expanding industrial development portfolio.
“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 to spur innovation, economic growth, job creation and attract investments with this new project,” she added.
Sunway Property's proven track record in sustainable development and its commitment to leverage technology would ensure that the Industrial Tech Park in Kuang, Rawang will strongly meet the demand in the industrial sector as well as set new benchmarks for the sector as a whole.
With a total landbank of 3,068 acres and a potential GDV of RM49.7bil over a period of more than 15 years, Sunway Property is poised for sustainable growth.
