By SULHI KHALID / Pic By MUHD AMIN NAHARUL

SUNWAY Property Bhd has entered into an agreement to acquire a 3.69 acre (1.49ha) parcel of freehold land for a proposed residential development with a potential GDV of RM300 million in Wangsa Maju, Kuala Lumpur (KL).

The land was acquired by the group’s 55%-owned subsidiary, Sunway Avila Sdn Bhd, Sunway Property said in a statement last Friday.

The proposed development comprises 468 condominium units and is targeted to be launched in the second half of 2021 (2H21).

“The proposed development is anticipated to mirror the success of Sunway Avila which is sited just 200m away from the new land. The site has an approved development order which will contribute to its quick turnaround,” the group said.

Sunway Property MD Sarena Cheah (picture) said the developer will leverage on the existing customer base that it has built within the area.

Future residents will also benefit from the covered walkway to the Sri Rampai light rail transit (LRT) station.

“This is a strategic acquisition for us as Sunway Avila has been highly successful, indicating a match with the current gap in supply of affordable developments near transit centres which are located close to the city centre. Because of its strategic location, it allows for easier commute and convenience which suit the current urban lifestyle,” Cheah said.

The newly acquired land is located about 550m from the Sri Rampai LRT station, which is six stops or 12 minutes away from the KL City Centre LRT stop.

It’s surrounded by greenery and amenities including the Wangsa Walk Mall which is 700m away, and Setapak Central Mall which is 2.7km away.

“Healthcare providers, Columbia Asia and Gleneagles KL, and education institutions like International School KL, Sri Utama, Fairview International School and Tunku Abdul Rahman University College are all within a 5km radius from the site,” the group added.

The first tower of Sunway Avila, which was launched in 1H19, comprises 405 serviced residences. About 90% of the tower has already been taken up.

The newly acquired land is the developer’s fifth land acquisition this year, the first being a 6.16-acre land in Tampines, Singapore, for an executive condominium housing development with a planned GDV of RM2.4 billion.

To date, Sunway Property has landbank spanning 3,359 acres, with a GDV of RM58.9 billion and a development period of up to 15 years.