KUALA LUMPUR (Oct 2): Sunway Bhd (KL:SUNWAY) plans to buy a 17.58-acre (7.11-hectare) prime land in Taman Taynton, Kuala Lumpur, for RM320 million, earmarking it for mixed-use development.

The group said the land had an estimated gross development value of RM3.2 billion, and is situated adjacent to Sunway Alishan, a residential development by the group.

The proposed development will integrate “opulent” serviced apartments with a “wellness-focused” retail podium featuring health and wellness clinics, the group added in a statement.

Sunway said its wholly owned subsidiary, Sunway Melawati Sdn Bhd, is acquiring the land from Viva Impian Sdn Bhd.

Sarena Cheah, the managing director of  Sunway Property — the group’s property arm — said the acquisition presents an “exciting opportunity” to address the increasing demand for high-quality, integrated developments in Kuala Lumpur.

“Our vision is to create a holistic community space centred on wellness that serves the evolving needs of modern urban lifestyles,” Cheah said. “We are confident that this development will catalyse and elevate the growth in the surrounding area.”  

Shares of Sunway closed 12 sen or 2.82% lower at RM4.13 on Wednesday, giving the group a market capitalisation of RM23.63 billion. Year to date, the counter has appreciated by over 92%.