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Sunway Property revises sales target to RM2.2b, driven by strong performance of Singapore launches

PETALING JAYA (July 7): Sunway Property revised property sales target to RM2.2 billion, from the previous target of RM1.6 billion which was set in January 2021, underpinned by strong performance in Singapore in excess of RM1 billion sales.

The property division of Sunway Bhd said the sales are mainly attributable to the launches of Ki Residences, a private condominium in Clementi, and Parc Central, an Executive Condominium in Tampines. The projects have achieved commendable take-ups of 55% and 80% respectively. 

Sunway Property’s managing director Sarena Cheah said the company is encouraged with the sales achieved to-date especially in Singapore where the real estate market is still performing strongly.

“In Malaysia, we can see that well-priced products in good locations are still attracting genuine interest from new home buyers,” she said in the media statement, adding that the Sunway Belfield development, which is located in Kampung Attap, has seen a 75% take-up for both of its towers. 

With a gross development value (GDV) of RM330 million, units of the first tower of Sunway Belfield were almost taken up despite being just launched in January 2021. In view of the strong interest, the developer has brought forward the launch of the second tower at Sunway Belfield which has a GDV of another RM360 million. Overall, the take up for both towers at Sunway Belfield is approximately 75%.

“I would like to take this opportunity to thank the Malaysian government for extending the Home Ownership Campaign. Although we are setting higher sales targets, more than half of our sales are from overseas markets. The local property market is still challenging and we can see that buyers are appreciative of all government efforts in helping them own their first home,” said Cheah.

She also noted that the company has deepened its customer research, monitoring changing preferences and adjusting launches whenever required. As a result, Sunway Property has realigned the composition of the projects to be launched in the second half based on the insights of the rapidly-changing demands.

These realignment includes larger usable space, flexibility of home office, co-working spaces, separate dry and wet kitchen space with increasing home cooking and WiFi connectivity for all developments. 

Additionally, the property developer is also looking into developing affordable homes as some of its new launches will provide starting prices from RM300,000.

Meanwhile, Sunway Property has also focused on replenishing landbank where it had acquired two parcels of prime freehold land which will be dedicated for a transit-oriented development, a 3.3-acre freehold land in Taman Mutiara, Cheras and a 6.6-acre of freehold land in Jalan Cochrane

With the recent acquisitions, Sunway Property now has a total landbank of 3,335 acres with a potential GDV of over RM52 billion.

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