Sunway introduces Sunway Property Certainty Campaign

PETALING JAYA (March 30): Poor property sales due to financial difficulties have prompted Sunway Bhd to launch its Sunway Property Certainty Campaign with offers that include financial assistance.

The campaign – which will offer guaranteed loans, deferred payment plans and a voluntary exit plan – covers all Sunway residential projects in Malaysia – with priority given to their launches this year – from yesterday until Sept 30.

"We are still seeing demand for good and well-located properties in the market. People are looking to upgrade, invest and own a home in a well-planned environment,” said Sunway Malaysia and Singapore property development division managing director Sarena Cheah (pictured).

“However, as times are uncertain, people's commitment in properties is something of great concern," she added.

Sunway’s property portfolio covers mid-to-high-end properties in the Klang Valley, Penang, Ipoh and Johor. The developer also has a presence in Singapore and China.

“However, this campaign is mainly focused on interested buyers of our upcoming launches, namely Sunway Geo Residences 3 (RM420 million GDV), Brook Residences (RM200 million GDV) in Mont’Kiara and new phases in Sunway Gandaria (RM200 million GDV) in Bangi,” Cheah noted.

Cheah explained that the deferred payment option offers zero payment for a period of 12 to 24 months following a deposit of 3% or 6%.

“After putting down the 3% or 6% down payment, buyers can try to apply for loans from commercial banks during the 12 to 24-month period,” she said.

There will be no interest imposed on the rest of the down payment, she said.

Sunway is also providing 12:88 guaranteed loans through its financial arm, which is a licensed non-bank lender.

Sunway will be providing financing of up to 88% of the property price for up to 15 years, and at a fixed interest rate that will not be more than 2% of the interest rate of a bank loan.

“The loan will be disbursed when the property is completed and the buyers had paid a total of 12% of the property price as down payment,” she said.

She added that buyers may opt to take the deferred down payment and apply for the 88% loan as well.

“Let’s say the buyer had paid 3% under the deferred payment option, he or she will need to pay the remaining 9% to get the Sunway loan,” Cheah explained.

Cheah said buyers are encouraged to shift their loans to commercial banks once they are able to secure bank loans.

“In fact, commercial bank loans are more competitive because finance is not our core business. We are doing this just to give a helping hand to buyers interested in securing their dream homes by Sunway,” Cheah said.

She acknowledged that the shorter tenure coupled with the higher interest rate would translate into higher monthly mortgage payments, but she stressed that buyers -- especially genuine ones -- must have a choice.

“Having a choice is better than not having a choice, is it not? We are just here to tide them over until they can get a loan,” she added.

To qualify for the loans, applicants must be above 18 years old and not bankrupt, among other things. The loans are available to both Malaysians and foreigners.

"We are not trying to play the bank’s role, we just want to assist those who want to buy a Sunway unit but are having temporary financial difficulties," she stressed.

Meanwhile, the voluntary exit plan allows buyers to withdraw from the sale and purchase agreement owing to loss of employment.

“Buyers are allowed to terminate the sale and purchase agreement if they lose their jobs. Sunway will return their down payment after deducting legal charges and necessary fees,” Cheah said.

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