Sunrise Bhd has possible plans to develop a plot of land opposite the Petronas Twin Towers – the site of Wisma Angkasa Raya – into a mixed development project.

Executive chairman Tong Kooi Ong revealed the project may include hotels, offices and serviced apartments. He said the plans would be finalised by the third quarter of 2009.

Sunrise, under a deal with Reliance Pillar Sdn Bhd and Lembaran Segimaju Sdn Bhd, will purchase the 69,171 sq ft land for RM179 million, or an equivalent of RM2,588 psf, recording the highest amount for land bought for redevelopment in the Kuala Lumpur City Centre area.

The 29-year-old Wisma Angkasa Raya, Kuala Lumpur’s first high-rise office building, is a 24-storey commercial building made up of a 20-storey office tower and a four-storey podium with two basement car parks. It has a total net lettable area of 167,728 sq ft and is 96.4 per cent occupied.

Sunrise recorded a net profit of RM45 million for the fourth quarter to June 30, 2008, a 28 per cent hike from the same quarter in the previous year, while revenue rose 48 per cent to RM258 million.