Sunway Bhd set up a joint-venture (JV) yesterday with Huatland Development Sdn Bhd to acquire a 4.34-acre (1.76ha) of freehold land for RM51 million from Setapak Heights Development Sdn Bhd.

Sunway has a 55% share in the JV company, Sunglobal Resources Sdn Bhd, while the remainder is owned by Huatland Development. The land is located in Wangsa Maju, and has a commercial status.

The land is one of the few in its immediate vicinity to have a freehold title, and it is expected to house a mixed development comprising two blocks of serviced apartments with some lifestyle units on the podium for a projected gross development value of RM500 million, slated for construction over the next five years.

It is anticipated that theresidential units will have an average pricing of RM550,000 onwards.