KUALA LUMPUR (Sept 28): Property developer Sunsuria Bhd (KL:SUNSURIA) is selling a piece of freehold commercial land in Sepang, Selangor, for RM316.84 million cash to Amazon Data Services Malaysia Sdn Bhd.

In a bourse filing, the company said its 99.99%-owned subsidiary, Sunsuria City Sdn Bhd, entered into a conditional sale and purchase agreement with the buyer on Monday.

Amazon Data Services Malaysia is a wholly-owned unit of A100 Row Inc, which is in turn owned by Amazon.com Inc. The buyer plans to use the 183,973 sq metre (45.46-acre) plot to host data processing services and infrastructure.

Sunsuria said the disposal is an opportunity for the group to unlock and realise its investment in the vacant plot, which is not currently generating any income, the company said.

The plot was valued at RM307 million as at Aug 28 by independent valuer CBRE WTW Valuation & Advisory Sdn Bhd. The transaction price represents a 3.2% premium over the appraised market value.

Sunsuria acquired the land on June 11, 2015 at an investment cost of RM145.97 million. As at Sept 30, 2025, its audited net book value stood at RM163.44 million.

Excluding related expenses, the transaction is expected to yield a one‑off net gain of RM50.34 million and boost Sunsuria's net assets per share to RM1.26 from RM1.20.

Gross proceeds have been earmarked for the group's ongoing infrastructure works, working capital, repayment of bank borrowings and transaction expenses.

The deal is expected to be completed by the second quarter of 2027, subject to shareholders' approval.

Completion is also contingent on the buyer securing written confirmation from the Ministry of Economy's Equity Development Division that the transaction does not require its approval, written consent from the Selangor State Authority for the acquisition (if applicable) and written endorsement from the Malaysian Data Centre Task Force for its proposed development.

For the third quarter ended June 30, 2026 (3QFY2026), Sunsuria’s net profit more than doubled to RM19.02 million from RM9.22 million a year earlier, driven by progressive recognition from ongoing projects and a one‑off gain from the acquisition of KL City Gateway Sdn Bhd.

Revenue, however, slipped to RM176.97 million from RM178.01 million due to lower contributions from its core property development division.

As at end-June, Sunsuria had cash and bank balances of RM189.6 million, against total borrowings of RM797.01 million.

Shares of Sunsuria closed half a sen or 1.79% higher at 28.5 sen on Monday, valuing the company at RM255.3 million. The counter has fallen nearly 27% over the past one year.