Sunway City Subsidiary To Purchase Land In JB For RM134.528 Million

KUALA LUMPUR, Dec 28 (Bernama) -- Sunway City Bhd's wholly-owned subsidiary, Asli Budimas Sdn Bhd, has entered into an agreement with Bukit Lanang Development Sdn Bhd to purchase parcels of land in Plentong, Johor Bahru for RM134.528 million.

Sunway City in a filing to Bursa Malaysia on Tuesday said the land, measuring 26.15 hectares, will provide the company with an estimated gross development value of RM932 million when the land is fully developed.

It added, with the land strategically located within the Iskandar Malaysia development region, the company aims to transform its first flagship project in Johor into high-end niche residential development.

It is also confident that the proposed development will meet homebuyers' demand for higher living quality in the state.

- BERNAMA

Source: http://www.bernama.com/bernama/v5/newsbusiness.php?id=553064