20 September 2019
In a statement today, Sunway said it had signed an agreement to acquire 100 per cent of the total issued and paid-up share capital of SPSB Paradise yesterday. “The variable nature of the purchase price coupled with only RM30 million of the purchase price to be paid upfront will allow Sunway greater agility in pricing its future development to meet the shifting demands of the market,” Sunway said.
The landbank acquisition is Sunway Property’s fourth acquisition for the year with the first being 2.49 hectares of land in Tampines, Singapore for an executive condominium housing development with a planned GDV of RM2.4 billion and 3.84 hectares of leasehold land in Kota Damansara comprising serviced apartments and lifestyle retail units with an estimated GDV of RM 544 million.