Sunway shares marginally up on KL land acquisition

PETALING JAYA: Sunway Bhd's share price rose 0.76% this morning after it announced that it is acquiring a piece of freehold land in the Kuala Lumpur city centre from Genting chairman and CEO Tan Sri Lim Kok Thay and a few other parties for RM165 million.
As at 11.31am, Sunway jumped 3 sen to RM3.96 with 459,900 shares traded. It has a market capitalisation of RM8.03 billion.
Sunway told the stock exchange yester that the proposed development on the land will comprise mainly serviced apartments with some lifestyle retail units, with an estimated gross development value of RM1.1 billion, comprising RM1.05 billion of serviced apartments and RM50 million of retail units.
The entire project is expected to be developed within a five-year period.