Sunway to launch RM1.5 bil worth of properties in 2H2015

SUBANG JAYA (July 9): Sunway Property, the real estate arm of Sunway Bhd, aims to launch six new projects and phases in existing projects worth RM1.5 billion in the second half (2H) of this year, said managing director of the property development division Malaysia/Singapore Sarena Cheah at a media briefing today.

“Amidst the softer sentiment, we are pleased to see that there is still demand for our properties. We believe that the positive reception that we have received is due to our build, own, operate business model, displaying our commitment as a holistic master community developer,” she told reporters.

“We will continue to monitor the market in the next six months, while we target our new launches to start from RM500,000,” she added.

The six projects are Sunway Geo Residence 3 in Sunway South Quay (SSQ) at Bandar Sunway, Sunway Gandaria at Bangi, Casa Kiara 3 at Mont’Kiara, new office and retail units in Sunway Velocity at Cheras, landed homes in Sunway Cassia at Batu Maung, Penang, and Sunway Emerald Residence landed homes in Sunway Iskandar, Johor.

Meanwhile, the developer achieved sales of RM500 million in 1H despite the poor market sentiment, Cheah highlighted. She added that Sunway will use earnings from its investment assets worth RM7 billion as a buffer during a softer market.

Sunway Geo Residence 3 is the final residential phase in SSQ and will comprise 420 units of condominiums and 44 units of townhouses, while Sunway Gandaria is a leasehold project in Bangi, which will comprise 259 units of serviced apartments and 34 retail units.

Meanwhile, Casa Kiara 3 condo will comprise 288 units, which include dual-key units, whereas Sunway Velocity’s latest launch will feature 24 units of shops and 40 units of office suites.

Sunway Cassia’s latest phase will comprise 48 units of landed homes while Sunway Emerald Residence will comprise 196 of landed homes at Sunway Iskandar’s Lakeview Precinct.

Read the full report in The Edge Property pullout of The Edge Financial Daily this Friday, July 10, 2015.