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Malaysia's Sunway allots 1.4B ringgit for mixed-use project

Sunway Bhd.'s unit is acquiring four freehold industrial sites from a subsidiary of JAKS Resources Bhd. in Subang Jaya in Selangor, Malaysia, spanning a combined 5.99 hectares, The Star (Malaysia) reported.

Sunway Supply Chain Enterprise Sdn. Bhd. will purchase the land parcels for 167.6 million Malaysian ringgit from Premier Place Property Sdn. Bhd., according to the report.

Sunway told the publication an immediate plan to redevelop the sites into warehouses and storage facilities is in the offing and will transform the plots into a mixed-use development in the medium term, with an estimated gross development value of at least 1.4 billion ringgit being earmarked for the project.

The Aug. 1 report noted the sale and purchase deal will be subject to the approval of JAKS Resources' shareholders.

As of Aug. 1, US$1 was equivalent to 4.29 Malaysian ringgit.