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Friday, 14 July 2017

(The Star) Sunway unit to buy KL land for RM165mil

KUALA LUMPUR: Sunway Bhd (Sunway) unit, Sunway Innopark Sdn Bhd, has proposed to acquire 1.8 ha freehold land in Kuala Lumpur for RM165mil for residential and commercial development.

In a filing to Bursa Malaysia, the company said it had entered into a sale and purchase agreement (SPA) with LGT Sdn Bhd (the registered owner) and Tan Sri Lim Kok Thay, Puan Sri Lim (Nee Lee) Kim Hua, Yarraville Sdn Bhd, Dandenong Sdn Bhd, and Ripponlea Sdn Bhd for the purpose.

Sunway said the acquisition would be funded through bank borrowings and internally generated funds, adding that the company had paid RM3.3mil of the RM16.5mil deposit to the registered owner prior to the execution of the SPA, the balance of which would be paid upon its execution.

Meanwhile, the balance of RM148.5mil shall be paid to the vendor’s solicitors within three months from the date of the SPA, said the group.

Sunway said the land is strategically located in the Kuala Lumpur city centre, within three kilometres from the Bukit Bintang shopping belt, the KL Sentral transport hub and the Perdana Botanical Gardens. — Bernama