Sunway to acquire more land

Sunway Bhd is looking to acquire more land with good connectivity to new public infrastructure for transit-oriented development (TOD), said Managing Director of Property Division for Malaysia and Singapore, Sarena Cheah.

TOD refers to a type of urban development that maximises the amount of residential, business and leisure space within walking distance of public transport.

Cheah said the group had acquired five different plots of land in the Klang Valley, including in Kajang and Wangsa Maju, since January worth RM5.5 billion.

"It is important as we want to diversify our locations which are very well served by roads and public infrastructure such as the Mass Rapid Transit (MRT) and Light Rapid Transit (LRT).

"So, we are looking for more land for TOD development, as when the MRT and LRT projects are completed, it will add value," she told reporters after the announcement on the opening of Sunway Hotels

The RM146 million Sunway Velocity Hotel will be the only transit-oriented, as well as the biggest and only integrated hotel in Cheras. The hotel is also connected to the Sunway Velocity Mall.

Sunway's total landbank stands at 1,335 hectares with gross development value of RM55 billion.

Upon opening of the RM300 million, 240-bed Sunway Medical Centre in the first quarter of 2019, the hotel will also be able to welcome healthcare tourists, Cheah said.

The Sunway Velocity Hotel forms part of the Sunway Hospitality Division's RM875 million redevelopment and expansion plans to its collection of hotels across Malaysia, Cambodia and Vietnam.

The group currently owns 11 hotels, nine of which are in Malaysia, for a total of 3,388 rooms under the hospitality division. -- BERNAMA