PETALING JAYA (July 26): Sunsuria Bhd has teamed up with Genlin Development Sdn Bhd to jointly acquire and develop a 9,030 sq m site in Sentul, Kuala Lumpur into a mixed development.
According to a press release today, the developer’s 99.99%-owned subsidiary Sunsuria Gateway Sdn Bhd has entered a joint venture (JV) with Genlin Development via a shareholders’ agreement for the land acquisition and future development.
Under the shareholders’ agreement, both Sunsuria Gateway and Genlin Development will respectively hold 70% and 30% shareholding equity in Goodwill Signature Sdn Bhd, which will serve as the JV company to acquire and develop the land. Goodwill Signature is presently Sunsuria Gateway’s wholly-owned subsidiary.
In the spirit of mutual cooperation and common interest, both parties have agreed to use the JV company to enter into a sale and purchase agreement with Genlin Development for the acquisition of land, valued at RM28 million.
Located in Sentul, the land is situated off the Duta expressway with prominent landmarks in the immediate vicinity such as KL Performing Arts Centre, UTC Sentul and Kem Batu Kentonmen.
This latest acquisition reflects Sunsuria’s ambition to broaden its horizons beyond its current developments, said executive chairman Datuk Ter Leong Yap, adding that the company will continue to seek out and pursue new development opportunities.
“Our current projects in Sunsuria City and The Forum in Setia Alam continue to be well received. We want to build on this success and take our best-in-class solutions to high-growth potential areas. This opportunity to expand our business to within the heart of KL is just the first step and we expect new landbank opportunities in the near future,” he said.
He added that Sunsuria is excited to be collaborating with Genlin Development as part of their business growth strategy to embark on new projects closer to the heart of the city.
“We see great potential in the land’s location for a mixed development project that will provide both residential and commercial opportunities within a thriving community,” he said.
https://www.theedgeproperty.com.my/content/...-project-sentulKUALA LUMPUR (Jan 25): Sunsuria Bhd is disposing of two parcels of agricultural land in Kuala Lumpur to Kerjaya Prospek Property Bhd for a total of RM30.14 million.
Sunsuria said in a bourse filing that its 70%-owned subsidiary Sunsuria Genlin Development Sdn Bhd had entered into a sale and purchase agreement with Kerjaya Prospek Property’s wholly-owned subsidiary Kerjaya Property Sdn Bhd to dispose of the two vacant freehold agricultural lands located in Setapak measuring a total of 9,092 square metres.
“The disposal of properties will enable Sunsuria Group to unlock capital resources from being tied up as long-term assets and realise the value of the properties at a fair market value whilst enhancing Sunsuria group’s liquidity and strengthening its financial position,” it said.
Jul 26 2017, 07:07 PM, updated 5y ago
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