KUALA LUMPUR: SUNWAY CITY BHD []'s (SunCity) unit Asli Budimas Sdn Bhd (ABSB) has entered into a sale and purchase agreement with Bukit Lenang Development Sdn Bhd to acquire 2.82 million sq ft land in the Iskandar Malaysia region in Johor for RM134.53 million.
ABSB has also entered into a shareholders' agreement with SunCity, Tunku Osman Ahmad and Goh Teong Hoe to regulate the relationship of the parties as shareholders of ABSB which is a special purpose vehicle set up specifically to purchase and undertake a property development project on the land.
Under the agreement, SunCity will hold 80% of ABSB while Tunku Osman and Goh will have a 10% stake each.
SunCity on Tuesday, Dec 28 said the proposed acquisition would provide it with an estimated gross development value of RM932 million when the land was fully developed.
It said land was strategically located within the Iskandar Malaysia development region, and was surrounded by other matured townships like Taman Molek, Redang Villa, Taman Redang and Taman Johor Jaya.
The development will also be well supported by surrounding amenities including like schools, hypermarkets, shopping centre, banks, and healthcare centres, it said.
Presently, the property market of Johor sees an uptrend cycle, boosted by Iskandar Malaysia development as a whole, it said.
'SunCity aims to transform its first flagship project in Johor into high-end niche residential development.
'Through its strong product innovation, customer-focused and high value creation, SunCity is confident that the Proposed Acquisition will meet homebuyers' demand for higher living quality in Johor,' it said.
ABSB has also entered into a shareholders' agreement with SunCity, Tunku Osman Ahmad and Goh Teong Hoe to regulate the relationship of the parties as shareholders of ABSB which is a special purpose vehicle set up specifically to purchase and undertake a property development project on the land.
Under the agreement, SunCity will hold 80% of ABSB while Tunku Osman and Goh will have a 10% stake each.
SunCity on Tuesday, Dec 28 said the proposed acquisition would provide it with an estimated gross development value of RM932 million when the land was fully developed.
It said land was strategically located within the Iskandar Malaysia development region, and was surrounded by other matured townships like Taman Molek, Redang Villa, Taman Redang and Taman Johor Jaya.
The development will also be well supported by surrounding amenities including like schools, hypermarkets, shopping centre, banks, and healthcare centres, it said.
Presently, the property market of Johor sees an uptrend cycle, boosted by Iskandar Malaysia development as a whole, it said.
'SunCity aims to transform its first flagship project in Johor into high-end niche residential development.
'Through its strong product innovation, customer-focused and high value creation, SunCity is confident that the Proposed Acquisition will meet homebuyers' demand for higher living quality in Johor,' it said.
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