Sunrise introducing serviced apartments to their business structure

KUALA LUMPUR: Sunrise Bhd will introduce serviced apartments to its portfolio once it has set up a hospitality unit next year, said its executive chairman Datuk Tong Kooi Ong (pictured).

“The serviced apartment is a different concept and market. There are some with full service and some are less and there is a segment we will be entering once we create this hospitality unit next year,” he said on Thursday, Oct 28 after its AGM.

Tong said the serviced apartments will be within and outside Mont’Kiara. He also said Sunrise was at a stage where it would  grow beyond the boundaries of the Mont’Kiara region.

One example was Quintet, the mixed-development in Richmond, Canada, launched last month. Phase 1 of the project of about 300 residential units released was snapped up and the group is rushing to launch Phase 2 in either February or March 2011, where it will release about 450 units. The projects total gross development value (GDV) is C$400 million (RM1.2 billion).

Tong added Menara Solaris, the office tower off Jalan Sultan Ismail, may be sold en bloc or be placed on the market but it all depends on market conditions. He did not  give a firm date on when the tower will be launched. The tower’s GDV is 480 million.

He added MK20, which is a short distance from Plaza Mont’Kiara along Jalan Kiara is in the  planning stages and would be launched in mid-2011.

“There are different types of products within the same project,” he added. The GDV for this project is RM1 billion.

In Kajang, near the Mines Shopping Centre and Australian International School, is another project of landed development across 58 acres. The projects GDV is RM500 million.

 Asked if Mont’Kiara was overbuilt, he replied that he didn’t think so, but it could be there  were too many similar products that had led to a perception of overbuild in the area.