Sunway City buys Sterling Paradise for RM15m

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Sterling Paradise owns the 47 parcels of land with a potential residential-led mixed-use scheme.

Sunway Property managing director, Sarena Cheah said: “The proposed freehold, close-to-transit, development will match the current demand, especially for upper-middle income millennials who has flocked to Bukit Jalil in search for a greener environment, great accessibility and great amenities close to the city centre.”’s unit, Sunway City Sdn Bhd is buying Sterling Paradise Sdn Bhd for RM15mil with the rights to 11.

Sunway pointed out Sterling Paradise had secured the lands on relatively favourable terms at a purchase consideration of 15% of the gross development value of the future development less a fixed sum of RM36.70mil. “In addition, the lands come with an approved development order, thus accelerating speed to market. The development is expected to be ready for launch by the second half of 2020 with the expected completion in 2026, contributing positively to Sunway’s earnings,” it said.

“We plan to deliver liveability within a secure and healthy community through this development, and are looking to price our properties affordably for this market,” she added.

 

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