GEORGE TOWN - Sunway Bhd plans to develop a RM450mil (SGD$171.7mil) high-rise residential property project and a RM1.05bil shopping mall over the next two years on 9.82ha in Paya Terubong which it acquired recently.
Group senior general manager Tan Hun Beng told StarBiz that the residential project would likely begin next year, while the shopping mall, in 2016.
"We are now drawing up plans for the two projects.
"We have yet to fix the selling price for the condominiums but the pricing will be very competitive," he said, adding that residential high-rise properties in Paya Terubong were already selling at around RM600 to RM700 per sq ft.
Tan said the mall would have a built-up area of about 1.4 million sq ft, which was larger than the Sunway Carnival Mall in Seberang Jaya in Seberang Prai.
"There is a need for a shopping mall in Paya Terubong as the population in the area is growing.
"We are planning a tenant-controlled mall, which will be leased out," he said.
Sunway purchased the four parcels of land totalling 24.46 acres (9.82ha) for RM267.4mil or RM251 per sq ft.
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