KUALA LUMPUR (Aug 3): Sunway Bhd’s property arm, Sunway Property, announced that its wholly-owned subsidiary — Sunway Rawang City Sdn Bhd — acquired a 245-acre land in Kuang, Rawang for a cash consideration of RM115 million.

In a press release on Thursday (Aug 3), the company said that Sunway Rawang signed a sale and purchase agreement (SPA) on Wednesday (Aug 2) to acquire the freehold land from Kauthar Equities Sdn Bhd.

The acquisition and proposed development of the 245-acre land will be carried out via a joint venture with Amal Resources Sdn Bhd for a proposed industrial tech park comprising factories, warehouses and commercial components, carrying a gross development value of at least RM2 billion.

Sunway said that the acquired land offers excellent connectivity, as it is situated adjacent to the LATAR Expressway, or Kuala Lumpur-Kuala Selangor Expressway, as well as being just a 35-minute drive from the KL city centre and an hour away from KLIA and Port Klang.

“The vision for the industrial tech park is to establish a vibrant ecosystem that integrates state-of-the-art infrastructure, robust digital connectivity, and sustainable features,” the group said in its press release.

Moreover, the conglomerate added that the location of the site complements the burgeoning industrial areas, namely the Kuang and Rawang industrial areas.

“We are thrilled to announce the acquisition of this strategic parcel of freehold land in Kuang, Rawang, to add to our overall portfolio. This acquisition signifies our dedication to developing a future-ready Industrial Tech Park that integrates technology, sustainability, and innovation to meet the needs of modern businesses and add to our ever-expanding industrial development portfolio,” said Sunway Property managing director Sarena Cheah.

Cheah added that the land acquisition aligns with the group’s commitment to drive innovation, technology and sustainable development in the industrial sector, while simultaneously catering to the evolving needs of business in the digital age.

“We hope to contribute to spur innovation, economic growth [and] job creation, and attract investments with this new project.

“With a total landbank of 3,068 acres and a potential gross development value of RM49.7 billion over a period of more than 15 years, Sunway Property is poised for sustainable growth,” she said.

At the time of writing, shares of Sunway Bhd remained unchanged at RM1.76, valuing the group at RM8.80 billion.