Sunway acquires Sterling Paradise for RM15m

PETALING JAYA (Sept 20): Sunway City Sdn Bhd, a wholly-owned subsidiary of Sunway Bhd, has acquired Sterling Paradise Sdn Bhd with the rights to 11.8-acre freehold land in Mutiara Bukit Jalil for RM15 million, eyeing for new launches in 2H2020.

According to the press statement, Sunway City has inked the acquisition deal on Sept 19 to purchase 100% of the total issued and paid-up capital in Sterling Paradise Sdn Bhd – the company which holds the rights to the 47 parcels or approximately 11.8 acres of prime freehold land.

The land is strategically located for a potential residential-led mixed-use scheme, being just 600m from the Muhibbah LRT station, with another three LRT stations within a 3km radius (Bukit Jalil, Awan Besar, Sri Petaling) and easy access to multiple highways such as the LDP, KESAS, MEX, and the toll-free Bukit Jalil Highway.

In addition, the land is located close to amenities such as Bukit Jalil Recreational Park, Bukit Jalil Golf and Country Resort, Bukit Jalil National Stadium, International Medical University, SJK (C) Lai Meng, and the upcoming 1.8 million sq ft Pavilion Bukit Jalil shopping mall.

The land, which comes with an approved development order, is expected to be ready for launch by the second half of 2020 with the expected completion in 2026, contributing positively to Sunway’s earnings.

Sunway Property managing director Sarena Cheah said in the statement that the proposed freehold, close-to-transit, development will match the current demand, especially for upper-middle income millennials who have flocked to Bukit Jalil in search of a greener environment, great accessibility and great amenities close to the city centre.

“We plan to deliver liveability within a secure and healthy community through this development, and are looking to price our properties affordably for this market,” she added.

Meanwhile, Sterling Paradise has secured the land on relatively favourable terms at a purchase consideration of 15% of the GDV of the future development less a fixed sum of RM 36.7 million.

“The variable nature of the purchase price coupled with only RM 30 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,” said the statement.

When contacted by EdgeProp.my, Sunway said the future launches are now in the planning stage, thus no details could be revealed yet.