Kuala Lumpur – Sunway Berhad continues to increase its foothold in high-growth Iskandar Malaysia with the acquisition of two parcels of freehold land (Pendas North and Western Pendas South) totaling 779.07 acres adjacent to the existing Zone F, Medini measuring 691 acres, which was acquired about a year ago. The 2 pieces of land would be acquired through a joint venture company with Iskandar Asset Sdn Bhd, a wholly-owned subsidiary of Iskandar Investment Berhad (IIB), for up to RM 412.7 million.
The new acquisition will improve Sunway’s total landbank by 29% to 3,580 acres while the proposed development will boost the company’s total GDV to a total of RM43 billion. In total, Sunway will have 1,558 acres of development land in Johor, with an estimated GDV of RM 25 Billion making it one of the largest landowners in Iskandar Malaysia.
Pendas North, measuring 412.75 acres, is adjacent to the existing Medini Zone F whilst the Western Pendas South, parcel measuring 366.32 acres is across the Sungai Pendas. The land is strategically located within Iskandar Malaysia, 10 minutes from Singapore via the Second Link Expressway, 25 minutes from the Senai International Airport and an hour to Changi airport, Singapore. Within its vicinity are Legoland Malaysia, Pinewood Iskandar Malaysia Studios, and the Educity.
Sunway will hold a 60% stake in the joint venture company, through its wholly owned subsidiary, Sunway City Sdn Bhd; while Iskandar Investment Berhad will hold 40% stake through its wholly-owned subsidiary, Iskandar Asset Sdn Bhd. The joint venture company will conceptualize, manage, implement and develop the site into a mixed integrated development with a potential GDV of RM 12 Billion, capitalizing on the beauty of the natural surroundings along Sg Pendas and the Straits of Johor.
“Sunway’s ambition is to continuously build on its strength of creating integrated developments and I’m very excited with this new strategic landbank acquisition. Together with IIB we will create a world renowned destination befitting Iskandar Malaysia, which is fast shaping into a modern metropolis of international standards,” said Tan Sri Dr Jeffrey Cheah, Founder and Chairman of Sunway Group, commenting on the acquisition of land deal.
“We have solidified our expertise by building integrated townships through Sunway Lagoon Resort, Sunway South Quay, Sunway City Ipoh, Sunway Velocity and Sunway Damansara. In Johor, we want to reach for new frontiers. This is to be the most exuberant, exciting, and exceptional Sunway integrated township yet,” he said.
Datuk Syed Mohamed Syed Ibrahim, President & CEO, Iskandar Investment Berhad said, “With our continuing efforts to create an urban operating environment by catalysing change, Iskandar Malaysia continues to attract investments and innovative developments from industry giants such as Sunway, who are committed to contribute to the creation of an ecosystem of a livable city that will significantly transform the region’s real estate landscape.”
Prior to this, Sunway has established its presence in Iskandar Malaysia through its construction division which had completed the construction of the Legoland Theme Park and currently undertaking two major construction jobs namely Pinewood Iskandar Malaysia Studios and the Central Utilities Facility at the Bio-XCell biotechnology park.