Malaysia - Sunway On Track To Achieve RM 1.3 billion Sales Target

October 9, 2012

New phases of existing projects are the main drivers of Sunway Bhd's high sales volume this year.


With RM 1 billion in sales to date, Sunway Bhd's property development arm is on track to reach its RM 1.3 billion sales target this year.


Managing director of property development (Malaysia) Ho Hon Sang said that new phases of existing projects at Sunway South Quay in Bandar Sunway and Sunway Velocity in Kuala Lumpur were the main drivers of the company's property sales.


Ho revealed that the group's recently launched commercial property offerings in Malaysia had enjoyed significant interest. Sunway Geo @ Sunway South Quay, Sunway Velocity's Phase 3C1 and Sunway Wellesley Phase 1 in Penang recorded over 80% take-up rates during previews. Together, the three projects total RM 700 million in gross development value (GDV).

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

Sunway Geo is a 23.4 acre mixed development offering retail shops, flexi and office suites, serviced apartments and condominiums. It is located next to Sunway Resort City, Malaysia's first green township with 200,000 residents and 33,000 students. Up to 36 million visitors visit Sunway Resort City yearly.

Ho said that a preview was recently held for 31 retail units and 220 flexi suites at Sunway Geo. The units, priced at RM 7 million and RM 400,000 onwards per unit respectively, proved popular. "The shops recorded take-ups of more than 80%," he said.

The retail shops are sized at 4,975 sq ft onwards while the flexi suites are sized at 462 sq ft onwards. They have a combined GDV of RM 400 million.

Strong sales were also seen at Sunway Velocity's Phase 3C1, which offered 276 designer offices and 12 retail units priced from RM 537,000 and RM 3 million respectively. The combined GDV of the shops and offices is RM 251 million. The retail shops range in size from 2,244 sq ft to 4,268 sq ft while the office units range from 678 sq ft to 1,297 sq ft.

Sunway Velocity is a freehold 23-acre integrated development located 3.8 km from the Kuala Lumpur city centre. A shopping mall spanning one million sq ft will also be developed at Sunway Velocity, to be managed by Sunway group, said Ho.