Sunway Bhd has acquired a freehold land parcel in George Town, Penang, as part of a broader RM179.8 million investment to replenish its development landbank and strengthen its future project pipeline.

In a statement, Sunway Bhd said the Penang acquisition involves a 0.42-hectare freehold site along Jalan Pangkor, purchased for RM61.45 million through its unit Sunway Bintang Sdn Bhd. The site is located about 500 metres from Gurney Bay and is intended for a mixed-use development comprising serviced apartments and retail components. The project is estimated to have a gross development value (GDV) of approximately RM274 million.

Sunway Property managing director Chung Soo Kiong said the move reflects the group’s confidence in Penang’s continued growth as a regional hub for investment and tourism, while strengthening Sunway’s presence in established urban areas.

Beyond Penang, the group also completed two acquisitions in Selangor. In Puchong, Sunway, via Sunway Kiara Sdn Bhd, entered into a sale and purchase agreement with Glomac Al-Batha Sdn Bhd to acquire a 2.74-hectare leasehold parcel for RM97.3 million. The land, which has direct access to the Damansara–Puchong Expressway and Shah Alam Expressway, is earmarked for a mixed-use development comprising serviced apartments and neighbourhood retail, with an estimated GDV of RM770 million.

Separately, Sunway, through its wholly owned unit Rich Worldclass Sdn Bhd, acquired a 0.45-hectare freehold parcel in USJ 1 for RM21 million. The site adjoins Sunway’s existing landholding in the area, enabling the consolidation of about 1.26 hectares near the USJ 1 Bus Rapid Transit station for a potential transit-oriented development.

The group said all projects will be guided by its design and development framework, incorporating sustainability, innovation, health and wellness, and long-term community considerations, in collaboration with local authorities and stakeholders.