Sunway REIT, Sunway Healthcare extend deadline for RM60 million hotel acquisition in Penang
Sunway Real Estate Investment Trust and Sunway Healthcare Holdings have extended the period for meeting the conditions for the RM60 million acquisition of Sunway Hotel Seberang Jaya. The move shifts the deadline to 28 July 2027 from 28 Oct 2026, giving more time for the transaction to be completed.
Highlights
- Sunway REIT and Sunway Healthcare extend the deadline for the RM60 million acquisition of a hotel in Penang through a supplemental agreement dated 28 Oct 2025.
- The acquisition must be completed within three months after all conditions are fulfilled, with all other original terms remaining unchanged.
- Sunway Healthcare and Sunway REIT shares were unchanged at RM2.09 and RM2.03, respectively, at Wednesday's close, with market capitalizations of RM24 billion and RM6.95 billion.
This article was translated from the original. Read the original version by our correspondent here.
Review of conditions and transaction timeline
According to The Edge Malaysia, as reported in separate exchange filings on Wednesday, the two companies signed a supplemental agreement to revise several terms in the original sale and purchase agreement dated 28 Oct 2025. The extension, according to Sunway Healthcare's chief executive officer, gives Sunway REIT more time to meet the conditions required for the transaction to proceed, although the filings did not specify which conditions remain outstanding.Under the revised terms, the acquisition must be completed within three months after all conditions are fulfilled or waived. All other terms of the original agreement remain unchanged.
Asset details and group impact
The transaction involves Sunway Healthcare's wholly owned subsidiary, Sunway Medical Centre Penang Sdn Bhd, purchasing the hotel property from RHB Trustees Bhd, in its capacity as trustee of Sunway REIT. The RM60 million price covers a 4,294-square-metre leasehold parcel in Seberang Jaya, together with the hotel building, fittings, fixtures and equipment.At Wednesday's market close, Sunway Healthcare shares were unchanged at RM2.09, giving it a market capitalization of RM24 billion. Sunway REIT units also ended unchanged at RM2.03, valuing the investment trust at around RM6.95 billion.
We previously reported on the virtual launch of Sunway Velocity 3 Tower C in Kuala Lumpur, following strong demand as Towers A and B achieved a 98% take-up rate within two years. The article highlighted how a new digital portal helped generate more than 100 online bookings, while also emphasizing the appeal of the project's location, which is directly connected to a shopping mall and the MRT/LRT network.
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