Malaysia-listed mixed commercial REIT, Sunway REIT, disclosed on 14 July that it has been given the go-ahead by the Securities Commission Malaysia for its land acquisition project in Seberang Perai, Penang.

Sunway REIT first announced in June 2016 that it is planning to acquire the land for MYR17.2 million (USD4.24 million) to construct an extension of its Sunway Carnival property.

“The approval granted by the [Securities Commission]... is subject to the condition that Sunway REIT continues to hold the expanded Sunway Carnival for at least two years from the date of completion of the construction of the extension to the existing mall,” said the REIT's manager in its disclosure.

“This expansion of Sunway Carnival is expected to contribute positively to the performance of Sunway Carnival and the earnings of Sunway REIT in the long-term”, said the REIT’s manager in its June 2016 announcement on the acquisition.

Units of Sunway REIT were last done on the Bursa Malaysia at MYR1.74.