SELANGOR, February 22, 2016, ~ Master Community Developer, and Malaysia’s top property developer, SunwayBerhad, has announced that the property division will be launching RM 1.6 billion worth of properties this year, with a target of RM 1.4 billion in property sales across the region. The target is announced on the back of last year’s achievement of RM 1.2 billion in sales achieved for the property unit of Sunway Berhad. An estimated 70% of this year launches will be in Klang Valley.
In addition to the property launches, RM 2.3 billion investment properties are currently under construction to solidify its positioning as a Master Community Developer. Sarena Cheah, Managing Director, Property Development Division, Malaysia and Singapore, Sunway Berhad said that despite the challenging market, the developer had enjoyed an average take-up rate of 80% for four of its property launches over the last four months.
Sunway Property had launched 34 retail units in Sunway Gandaria, Bangi (95% sold at starting prices of RM1 million), units of shop-offices in Sunway Velocity, Cheras (90% sold at starting prices of RM1.9 million), 60 units of 2-storey cluster homes and 28 units of 2-storey super link homes in Serene Villas, Ipoh (60% sold at starting prices of RM925,000 for 2-storey cluster homes and RM773,000 for super link homes), and 88 retail units in Emerald Boulevard, Medini, Iskandar (75% sold at starting prices of RM1.5 million).
“We are very encouraged by the healthy response despite the challenging environment. We attribute these successful launches to our strong track record as a master community developer, well-located developments, and a passion for building long-term relationships in the communities we serve. Having strong fundamentals is key in a challenging market, and this will allow us the flexibility to adapt our launch strategies to match market changes.
We will move cautiously and steadily ahead, and continue to develop and invest in our communities across the country. As a long term developer, we will continue to look out for new strategic landbank, and new JV opportunities with partners who share our philosophy of developing communities which are sustainable and livable” she said.
“We will also continue to build upon our track record for over the past 42 years as a trusted leading developer by providing better value creation and appreciation to our communities through our build-own-operate business model,” she added. Currently, Sunway’s land bank stands at 3,304 acres, with a total GDV of RM47.7 billion and a development period up to 15 years. Its total unbilled sales stands at RM 2.3 billion.
Central Region – Klang Valley: Launches of RM 1 billion
The developer will be launching Sunway Geo Residences 3 (420 condominium units; GDV RM400 million), the final launch for its popular Sunway Geo integrated development which is located within Sunway South Quay. Previous launches within the development had averaged more than 90% take-up rates and its stellar success has been attributed to the project’s strategic location opposite Sunway Resort City’s education and healthcare precinct, and its direct access to the BRT-Sunway Line.
In the past year, the developer had completed over RM900 million worth of property investment properties, which are already starting to generate income for the group. These includes the new Sunway University Academic block opened last year, and the recently launched 27-storey Pyramid Tower West (401 rooms) and Nickelodeon Lost Lagoon which features 14 new attractions. Currently, the RM200 million Sunway Medical Phase 3 (245 beds, an oncology centre and 70 medical suites) is also being developed. Hence, by 2017 Sunway Medical Centre will have a total of 610 beds.
In Sunway Velocity, a 23-acre freehold integrated development where the developer had enjoyed robust sales averaging 90% take-up rate for its previous products due to the transit-oriented nature of the development (supported by two MRT and one LRT stations), its proximity to the City Centre as well as the integration of six components (retail,
residences, commercial, hotel, healthcare and 2-acre public park); a shopping mall (1,000,000 sq ft; to be completed 2016), hospital (240 beds and 66 outpatient specialist clinics; to be completed 2018), hotel (350 rooms; to be completed 2017) are under development. Additionally, the developer will launch a new block of office suites with GDV of RM200 million in the second half of the year.
In other parts of the Klang Valley, Sunway will also launch the new Brook Residences, Mont Kiara (288 condominium units; GDV of RM200 million), and Sunway Gandaria Residences, Bangi (259 units serviced apartments; GDV of RM200 million) in the central region. The developer had launched Sunway Gandaria’s 34 retail units earlier this year in January, with a 95% take-up rate.
The developer is also planning a residential project on a 17-acre plot of land in Kelana Jaya with a total GDV of RM1.8 billion. It had also recently acquired 6.35 acres of land in Kg Subang through a joint venture vehicle for a proposed development of 45 terraced industrial units and another 4.8 acres of freehold industrial land in the Sungai Way Free Industrial Zone, Kelana Jaya for the proposed development of 14 semi-detached industrial units, both with a total GDV of RM200 million.
Southern Region – Johor: Launches of RM400 million
In Sunway Iskandar, where the developer had recently clinched a 75% take-up rate for its launch of 88 retail units for its Emerald Boulevard project; is also currently offering Emerald Residences at the Lakeview Precinct, Sunway Iskandar (222 units of two-storey link, super link, link cluster and three-storey semi-detached homes; GDV RM 330 million) that was recently launched. Moving forward, there will be another RM400 million GDV worth of mixed developments to be launched this year.
The opening of Citrine Retail (51 units) at the end of this year will add to the vibrancy of the Lakeview Precinct within Sunway Iskandar. The Lakeview Precinct is the first precinct in the 1,800 acres` Sunway Iskandar which will integrate commercial, residential, education, and retail components surrounding the 20-acre Emerald Lake. Sunway International School (SIS) Sunway Iskandar, which represents its education component, will open in time with the completion of the Coastal Highway Southern Link (CHSL) in early 2017. The CHSL will provide even greater access to the development and is only 5 minutes away from the SIS campus.
Northern Region – Ipoh and Penang: Launches of RM 200 million
In Sunway City Ipoh, the second development phase of The Banjaran Hotsprings Retreat in Sunway City Ipoh will see 20 new villas added to the Retreat’s inventory; bringing a new total of 45 luxurious villas by 2017. Under development are also the Lost World Mall and Suites. The developer will be launching the Lost World Residences (262 units of serviced apartments; GDV RM 100 million) this year.
In Penang, the developer will be launching 48 units of two-storey semi-detached homes in Sunway Cassia, Batu Maung Phase 3 (GDV 100 million) in early April. Within the Sunway Penang integrated development, the developer is also expanding its Sunway Carnival Mall in Penang from 769,000 sq ft to 1,290,000 sq ft with future provisions for office tower of over 400,000 sq ft. It is also building a 180-bed Seberang Jaya Medical Centre and an expansion to its current hotel within the integration is underway to support Penang’s agenda to grow its medical tourism sector. A new 20,000 sq ft Sunway Penang headquarters (with sales gallery) is also being built in Jalan Anson.