Sunway Geo’s Phase 2 is 70% taken up

KUALA LUMPUR:  Sunway Bhd’s  property arm Sunway Integrated Sdn Bhd sold 70% of its recently launched Sunway Geo Phase 2, which carries a gross development value (GDV) of RM452 million.

The overwhelming take-up rate followed last year’s successful launch of Sunway Geo Phase 1, which has been fully sold, the group said.

The total GDV of the 23.4-acre (9.45ha) Sunway Geo (pic) integrated development, which consists of retail shops, flexi suites, urban suites and residences, is RM1.5 billion. Phase 2 consists of 46 units of retail shops and 228flexi suites.

An official from the company told The Edge Financial Daily that so far, the company had only launched the commercial units of Phases 1 and 2 of the project, but has plans to launch the residential units for Phase 1 in August.

“Phase 1 commercial units carry a GDV of RM320 million while Phase 3’s (comercial units are) estimated at RM100 million. (The GDV of) the residential units of all the three phases total RM628 million,” an official said.

The group also said the highly anticipated Bus Rapid Transit (BRT)-Sunway Line holds the potential to transform Sunway Resort City’s (SRC) landscape while boosting the property value in the area.

The BRT-Sunway Line connects SRC to the Setia Jaya KTM Komuter station and the upcoming light rail transit station in USJ, Subang Jaya.

Commenting on the project, Sunway joint managing director of property development division, Serena Cheah, said: “Sunway Geo is well-positioned in the education and healthcare precincts while being seamlessly connected through the other five components of Sunway Resort City, namely retail, residences, offices, hospitality and leisure through canopied walkways and the elevated BRT-Sunway Line.

“The development enjoys great accessibility to and from the rest of the Klang Valley by a comprehensive network of road and rail.”

Cheah also said the population of 500,000 in Bandar Sunway and Subang Jaya, including 50,000 students, coupled with 40 million visitations per annum, would attest to the success of the development.

Sunway Geo, located at the centre of the over RM10 billion SRC, is surrounded by over seven million sq ft of award-winning facilities and amenities.

This article first appeared in The Edge Financial Daily, on July 10, 2013.