Sunsuria’s The Forum enjoys good take-up

SHAH ALAM (Sept 11): The offices and shop lots at Sunsuria Bhd’s The Forum @ Sunsuria Seventh Avenue in Setia Alam have been 50% taken up since being launched in July.

“We launched The Forum to create a self-sustainable development for the local catchment to enjoy,” Sunsuria head of sales and marketing, Simon Kwan tells property+.

“The Forum is the second retail outlet to be built in Setia Alam. We see The Forum complementing the existing Setia City Mall. The Forum will offer an 80% food and beverage tenant mix when completed,” he adds.

The Forum has a gross development value (GDV) of RM300 million. It is a 3-storey mall, with the first and second floors being retail shops, and a third floor of offices.

The Forum’s 61 units of retail shops have a built-up area of between 2,700 sq ft and 5,300 sq ft, and its 172 office units, of between 630 sq ft and 1,230 sq ft.

Selling prices start at RM3.1 million for the retails shops, and RM365,000 for the offices.

The Forum will be completed in the first quarter of 2019.

The Forum is the first sub-phase of the second phase of Sunsuria Seventh Avenue. It sits on seven acres of freehold land on the 13.5-acre tract allocated for the second phase.

Apart from the retail shops and offices for sale, 25,000 sq ft of the mall to be leased to anchor tenants, one of which will be a grocery store.

Kwan says Sunsuria is in negotiation with several interested parties.

The second sub-phase will consist of another retail mall, two residential towers and an office tower. Plans for the second sub-phase are still being finalised.

Kwan says Sunsuria hopes to launch the residential towers by year-end.

Director of Oregeon Property Consultancy Sdn Bhd, Kok Chin Yee, says a project such as The Forum is essential to any self-sustained township because it is a step-ladder for growth in the area.

On the commercial viability of The Forum, Kok says the mall management and tenant mix will be decisive for the liveliness of the mall.

Director of ECS Valuation & Property Consultancy Sdn Bhd Eu Chee Siang says The Forum will catalyse growth in Setia Alam when completed.

“We believe that with good F&B tenants, it will be a different shopping experience [and] is expected to transform the lifestyle and bring more excitement to the people in the area and nearby neighbourhoods,” said Eu. Eu and Kok concur that Sunsuria Seventh Avenue development will likely attract future investors and buyers to the area by offering more commercial activity and employment opportunities.

This article first appeared in property+, a section of the digitaledge DAILY, on Sept 11, 2015. Download property+ for free here.