Sunway Property to build extension to Sunway Velocity on newly acquired 8.45-acre prime land

KUALA LUMPUR (Feb 14): Sunway Property’s newly acquired 8.45-acre prime land along Jalan Peel, Kuala Lumpur will be developed into Sunway Velocity TWO.

“We are delighted to have this strategic landbank which will be developed as Sunway Velocity TWO, directly opposite Sunway Velocity, and will serve as an extension to Sunway Velocity,” said managing director of Sunway Bhd’s property development division for Malaysia and Singapore Sarena Cheah at a business update in Kuala Lumpur today.

“Buying an adjoining piece of land to develop Sunway Velocity TWO will in many ways augment the sustainable growth of the entire Sunway Velocity community,” she added.

With an estimated gross development value of RM2 billion, about 70% of Sunway Velocity TWO will be for its residential component, complementing the current Sunway Velocity which consists of 75% commercial units.

The project will be developed over a 10-year period, according to Cheah.

Sunway Property, the property arm of Sunway Bhd, also plans to build three linkways between Sunway Velocity and Sunway Velocity TWO.

“This is in addition to the strategic location and future connections of both developments to the Cochrane Mass Rapid Transit (MRT) station as well as the Maluri MRT and Light Rail Transit interchange,” said Cheah.

Meanwhile, Sunway Velocity Mall has garnered about one million footfalls to date since its opening on Dec 8.

According to Cheah, the current tenant occupancy of the mall stands at 97%, and Sunway Property is looking to achieve 100% occupancy by June this year.

“The 350-room four-star Velocity Hotel will be completed by 2H2017 while the Velocity Hospital — the medical centre here in Sunway Velocity — will be completed by 4Q2018.

“In addition to owning a property, we also want to ensure liveability, hence community needs such as road accessibility, social living, access to health care and education amenities are always in our consideration,” she said.

To date, the 23-acre Sunway Velocity has clinched about RM1 billion in commercial and residential sales since 2008 which was further spurred in 2016 with the launch of Sunway Velocity Mall.