by TMR

Sunway Bhd’s subsidiary, Sunglobal Resources Sdn Bhd, has entered into a master sale and purchase agreement with Setapak Heights Development Sdn Bhd to acquire 47 completed individual residential units of Residensi Infiniti 3 developed by Setapak Heights for RM45.8 million.

In an exchange filing last Friday, Sunway noted the units are sited on a leasehold land in Setapak with a 99-year lease expiring on Feb 24, 2109.

Sunway noted the proposed acquisition is opportunistic, allowing Sunglobal to buy the parcels at a discount so that they can be resold to end purchasers at a profit.

The parcels will also be a complementary product to Sunglobal’s new development in Wangsa Maju, which is expected to be launched by end-2018 and does not comprise similarly large-sized units as those in the parcels to be acquired.

The proposed acquisition will be funded with internally generated funds.