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Sunway REIT to buy land  in Penang    Sunway REIT to buy land  in Penang   
Share this on WhatsApp  By Roznah Abdul Jabbar Sunway Real Investment Trust (Sunway REIT) has proposed to acquire a parcel of land in Seberang... Sunway REIT to buy land  in Penang   
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By Roznah Abdul Jabbar

Sunway Real Investment Trust (Sunway REIT) has proposed to acquire a parcel of land in Seberang Jaya, Penang for the extension of the Sunway Carnival Shopping Mall.

Sunway REIT Management Sdn Bhd (SRM), the manager of Sunway REIT, said that a 3.3-acre plot will be purchased from Commercial Parade Sdn Bhd, a subsidiary of Sunway Bhd, for RM17.2 million.

The parcel, located at the Seberang Perai Tengah district, is currently a vacant commercial plot being used as car park.

Sunway REIT said that the land is strategically located in the heart of Seberang Jaya on mainland Penang, a 56-acre integrated township initiated by the government to boost the administrative, residential, industrial and commercial sectors of Malaysia’s northern region. The location is conveniently accessible from the Penang Bridge and Penang International Airport.

In line with Sunway REIT’s investment strategy, the proposed land acquisition offers Sunway REIT an opportunity to expand its retail portfolio within a thriving township in Malaysia.

The extension of the new wing of Sunway Carnival Shopping Mall is planned to comprise a nine-storey retail block with six levels of parking above the retail space and another level in the basement. It will also host a future commercial tower.

Datuk Jeffrey Ng, chief executive officer of SRM, said Sunway Carnival Shopping Mall is a market leader in the thriving township of Seberang Jaya and the success of the mall is evidenced by the continuous growth in average footfall since the launch of the mall in 2007.

Supported by healthy rental growth, it has benefited the population and contributed positively to the economic activity of the township.

“We are confident that the new wing will serve a larger catchment and further boost the vibrancy of the township,” he said.

Ng said that the proposed expansion of Sunway Carnival Shopping Mall enables Sunway REIT to enrich its tenancy mix by offering retail space to welcome new and more international and regional brands which will improve the retail landscape in mainland Penang.

“The proposed acquisition is in line with our strategic positioning to remain as a retail-focused REIT in Malaysia and to deliver sustainable growth to unit-holders,” he added.

Property 360 Online

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