Sunway's latest commercial projects get 80% sales

PETALING JAYA (Sept 21): Sunway's property projects, with an accumulated gross development value (GDV) of about RM700 million, that were launched or previewed recently have been well received.

The projects are Sunway Velocity's Phase 3C1 in the Cochrane area in Kuala Lumpur, Sunway Geo in Sunway South Quay, Bandar Sunway and Sunway Wellesley Phase 1 in Penang.

The preview of Sunway Geo and the launch of the other two projects were held at the group's sales galleries in Kuala Lumpur and Penang between July and August.

Sunway Velocity Phase 3C1 has a GDV of RM251 million. The integrated development on a 23-acre (9.3ha) plot is in the vicinity of two LRT stations (Maluri and Chan Sow Lin) and two upcoming MRT stations (Cochrane and Maluri).

The project saw an 80% take-up for its 276 designer office units and 12 units of shops, priced from RM537,000 and from RM3 million respectively. Sizes for the retail shops range from 2,244 to 4,268 sq ft while the offices are from 678 to 1297 sq ft.

Located only 3.8km away from Kuala Lumpur city centre, Sunway Velocity will house about one million sq ft of shopping space.

It will be managed by Sunway's mall management team upon its completion in mid 2016, said Ho Hon Sang, Sunway Group managing director of property development division, in a statement.

Sunway Geo in Sunway South Quay saw a take-up of 90% for its 31 units of retail shops and 70% for its 220 units of flexi suites.

Meanwhile, the soft launch for the 23.4-acre Sunway Geo in Sunway South Quay saw a take-up of 90% for its 31 units of retail shops while 70% of its 220 units of flexi suites had been snapped up. Sunway Geo has a GDV of RM400 million.

The retail units are from 4,975 sq ft with prices from RM7 million. Built-ups for the flexi suites start at 462 sq ft with prices from RM400,000 onwards. Sunway Geo will be officially launched in October with expected completion by 2016.

Sunway South Quay is located next to Sunway Resort City which was recently certified as Malaysia's first green township by the Green Building Index. "Sunway Geo's success can be attributed to its innovative retail concept, accessibility and connectivity, amenities as well as the large catchment population it enjoys from Sunway Resort City (SRC)," said Ho.

Free shuttle bus service, pedestrian-friendly walkways and elevated canopy walkways are available in the township. Sunway Geo will also benefit from the proposed elevated Bus Rapid Transit (BRT)-Sunway Line that will run through SRC and connect to Setia Jaya KTM and an upcoming LRT station at USJ.

Over in Bukit Mertajam, Penang, the first phase of Sunway Wellesley spanning 60 acres with a GDV of RM38.8 million has seen about 80% sales for its 31 three-storey shop office units priced from RM972,000. Lot sizes for the offices start from 1,316 sq ft while the built-up ranges from 3,704 sq ft onwards.

Sunway Wellesley is surrounded by the Jit Sin Independent High School, AEON Seberang Prai City Shopping Centre, KPJ Penang Specialist Hospital and the Bukit Mertajam High School. It also enjoys accessibility to North-South Highway, Butterworth-Kulim Expressway and the Penang Bridge.

"Besides the strategic locations, these developments are well-planned, with good facilities, infrastructure, security features and great concepts. Therefore they have great potential for excellent capital appreciation," said Ho.

This story appeared in The Edge Financial Daily on Sept 21, 2012.