Press Release

Sunway REIT Management Sdn. Bhd., the Manager of Sunway Real Estate Investment Trust (“Sunway REIT”), is pleased to announce that Sunway REIT has awarded a RM255.0 million contract to Awangsa PMC Sdn Bhd (“APMC”) for the Sunway Pier redevelopment project at Port Klang, Selangor.

The scope of the construction contract encompasses all main building works, piling and substructure works, structural repair works to the existing jetty and all related mechanical, electrical and plumbing works. Physical works is set to commence on 29 October 2024 and is anticipated to span 28 months, with targeted completion in early 2027. The new building will feature a gross floor area (“GFA”) of approximately 500,000 sq. ft. and a net lettable area (“NLA”) of approximately 300,000 sq. ft., along with more than 600 parking bays.

Commenting on Sunway Pier, Chief Executive Officer of Sunway REIT Management Sdn. Bhd. Clement Chen said, “We are delighted to finally get the development of Sunway Pier off the ground with the award of construction works to APMC. Upon its completion, we envision Sunway Pier to provide the Klang Valley population with a premier seafront development. With an international jetty, seafood market, diverse F&B offerings and proposed duty-free shops, we expect Sunway Pier to also draw domestic and foreign tourists including cruise passengers and crew stopping at the Pulau Indah Cruise Terminal and Westport.”

He added, “APMC is an experienced contractor and has recently completed the Sunway Pyramid Oasis refurbishment works for Sunway REIT which was delivered on time and within budget. For Sunway Pier, APMC has similarly deployed their strong engineering capabilities to provide acceptable construction alternatives to improve efficiencies and lower construction costs thereby securing this contract through an open tender exercise. We trust APMC will be able to deliver the development for us by 1H 2027.”

Located adjacent to the Port Klang KTM station and on the western end of the Federal Highway, Sunway Pier is easily accessible by public transport and is within an easy 50-minute drive from KLCC. Sunway Pier, with an estimated development cost of RM400.0 million, is expected to transform Port Klang into a destination for leisure and shopping activities. It will represent Sunway REIT’s first greenfield development.

Besides Sunway Pier, Sunway REIT is also undertaking asset enhancement initiatives at Sunway Pyramid Oasis which will re-open in November 2024 at a cost of RM190.0 million and refurbishment of Sunway Carnival Mall’s old wing at a total cost of RM360.0 million with expected completion by June 2025.

Chen concludes, “Upon completion of these refurbishments, Sunway Pier as well as the acquisitions of Sunway 163 Mall and Sunway Kluang Mall, Sunway REIT will have a much-enhanced retail portfolio and formidable retail presence across the west coast of Peninsular Malaysia.”