Sunway eyes property sales of RM1.4 bil this year

PETALING JAYA (Feb 22): Sunway Bhd announced that its  property division will be launching  projects with a total gross development value (GDV) of RM1.6 billion this year, with a target of RM1.4 billion in property sales across the region.

Malaysia and Singapore property development division managing director Sarena Cheah (pictured) told reporters that the targets were set on the back of 2015’s achievement of RM1.2 billion in sales during the developer’s Chap Goh Meh media appreciation and briefing on property launches for 2016 today.

“An estimated 70% of this year’s launches will be in the Klang Valley,” she noted.

Sunway will be launching properties worth RM1 billion in the Klang Valley, which include condominium project Sunway Geo Residences 3 (GDV: RM400 million), serviced apartments Sunway Gandaria Residences in Bangi (RM200 million), and condominium project Brook Residences in Mont’Kiara (RM200 million).

In Johor, Sunway will be launching a mixed-use development worth  RM400 million this year.

There are also launches worth RM200 million in the northern region: in Ipoh (Lost World Residences) and Penang (Sunway Cassia, Batu Maung Phase 3) this year.  

“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,” Cheah stressed.

She also said that Sunway will continue to look out for new strategic landbank, and new joint venture opportunities with parties who share the same philosophy of developing communities, which are sustainable and liveable.

Currently, Sunway’s landbank stands at 3,304 acres, with a total GDV of RM47.7 billion and a development period of up to 15 years. Its total unbilled sales stands at RM2.3 billion.

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