Sunway Holdings Berhad via its wholly owned subsidiary Sunwaymas Sdn Bhd has entered into a share sale agreement to buy 60% of issued and paid-up capital of Spanland Sdn Bhd for RM13.8 million. Both parties has also signed a shareholders agreement to jointly undertake a property development project on parcels of leasehold land measuring 98.43 acres at Rawang, Selangor.

According to a Bursa Malaysia statement, Sunway Holdings said, “The land is strategically located opposite the Templer Park Country Club in the affluent area north of Kuala Lumpur. It is suitable for high-end development and is proposed for a property development project comprising low-density residential units of exclusive lifestyle bungalows which can be launched within 12 months from the completion date of the Share Sale Agreement. This fits into the Group’s strategy of focusing on niche residential projects with fast turnaround.”

The estimated gross development value of the project is RM500 million.