Purchase made through joint venture with Khazanah vehicle
KUALA LUMPUR: Sunway Bhd has expanded its landbank in Johor with the acquisition of two parcels of leased land worth RM745.3mil in Medini Iskandar via a joint venture vehicle with Khazanah Nasional Bhd.
The two parcels, which are adjacent to each other, total about 691 acres and has an estimated gross development value (GDV) of RM12bil.
The newly acquired land known as Zone F Medini will boost Sunway's landbank by 30% from the previous 2,145 acres, while the proposed development will boost the company's current GDV to RM32bil,” Sunway said in a statement yesterday.
The Star 20/12/2011
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