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Suria Jelutong first phase launch attracts young investors

DAMANSARA (Mar 12): Sunsuria Development Sdn Bhd has launched the first phase of its Suria Jelutong mixed development in Bukit Jelutong, Shah Alam.

Situated next to the Bukit Cahaya Forest Reserve, the first phase of Suria Jelutong sits on 4.5-acres of freehold land with a gross development value (GDV) of RM270 million. The mixed development comprises 666 units of serviced residential suites and 48 units of 1.5-storey retail boutiques and 2- to 3-storey shop offices.

During the launch, the serviced suites at Suria Jelutong achieved a take-up of nearly 70% by mainly young investors. The retail boutique suites and shop offices have a take up rate of 85%,

"We are seeing a buyer profile that is made up of mainly youngsters. I would say 60% of our buyers are investors while 30% are made up of home owners and the remaining 10%, are others," said its sales and marketing director Simon Kwan at the official launch last Friday at its sales gallery in Sunsuria Avenue, Kota Damansara.

The serviced suites are housed in two 18-storey towers. Tower A has 285 units while Tower B has 381 units. The size of the serviced suites range from 450 sq ft to 1,650 sq ft. Prices start from RM287,000 to RM999,000 or at an average RM580 psf. Facilities include a sky gym and infinity pool plus security features.

Meanwhile, the retail boutique units have built-ups of 548 sq ft to 3,000 sq ft with prices starting from RM638,000 to RM2.5 million while the shop offices are 548 sq ft to 3,100 sq ft with prices from RM638,000 to RM1.8 million.

The developer expects the first phase of Suria Jelutong to be fully taken up within the next three months. Suria Jelutong will be developed on an 11.5-acre plot over three phases. The second and third phases are still being conceptualized.

Bukit Jelutong is primarily made up of high-end residential properties with few commercial projects, said Kwan. "We believe there is a demand for a commercial development within the matured residential area. The existing academic institutions in the area will also play a role in increasing the attractiveness of our development," he said.

Suria Jelutong is accessible via various highways including the North Klang Valley Exit (NKVE) and the KESAS highway.

Kwan said although the current property market looks slow, it will eventually stabilise.

"At this moment, the property market looks quite slow given the loan tightening by the banks — but we expect conditions to stabilise by the second half of the year," he said.

Established in 1989, Sunsuria has several developments under its belt. "We are quite a niche market developer, and we cater to a small niche community. We started with the development of a sports complex in Ampang," said Kwan referring to the Sunsuria Ampang Sports Complex in Ampang Jaya. The developers had seen a piece of recreational land that nobody took notice of, which was abandoned for quite some time. After acquiring it, they built a retail component and a recreational component on the site. The development houses a FIFA-sized futsal court, eight standard futsal pitches and eight badminton courts.

Sunsuria has also developed Sunsuria Avenue at section 4, Kota Damansara and Sunsuria Technology Centre at Section 3, Kota Damansara. It has also recently launched phase 1 of The Core at Section 3, Kota Damansara, which has since been fully taken up; the second phase is being planned.

On whether it is looking to build overseas, Kwan says the developer may look at venturing into China in the near future.

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