Sunway City (Penang) Sdn Bhd, a wholly-owned subsidiary of Sunway City Berhad (SunCity), has entered into a sale and purchase agreement with Sungei Ara Holdings Sdn Bhd to acquire 81 acres of freehold residential land held in Barat Daya, Penang at RM38.765 million.

When fully developed, the proposed acquisition will provide SunCity with an estimated gross development value of RM800 million. Strategically located within the vibrant south-west of Penang Island, the land is also surrounded by other matured townships.

Ho Hon Sang, Managing Director, Property Development, Malaysia, SunCity said, “This land acquisition is aligned with the Group’s strategy to expand its presence further in Penang, which enjoys strong economic growth, and is scond only to Kuala Lumpur. With this acquisition, our land bank will increase to 118 acres with a GDV of RM1.1 billion.”

He added, “The proposed product mix for the new land bank will consist of semi-detached houses and bungalows, which will increase SunCity’s presence in the Penang property market. To date, we have successfully developed quality residential and commercial properties in Penang. We trust that this land acquisition will enable us to provide Penang homebuyers with another good opportunity to purchase quality homes that is synonymous with the Sunway brand.”