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Saturday, December 8, 2007

Sunway South Quay among key attractions next year

PETALING JAYA: The key earnings drivers for Sunway City Bhd (SunCity) next year will be Sunway South Quay, Sunway Palazzio, Sunway SPK and Sunway Damansara, as well as the two key commercial projects - Sunway SOHO business suites and SunCity KL.

The much-awaited Sunway South Quay is located on 178 acres in the southern precinct of Sunway Integrated Resort City (Sunway IR).

To cater to the growing expatriate and foreign investor community in the country, Sunway South Quay has been designed as an international residential enclave with waterfront villas, luxury condominiums, service apartments and boutique shops.

The project has a total gross development value (GDV) of RM3.7bil.

“It's a world-class development that's taking shape and will add more value to the Sunway IR,” senior general manager of sales and marketing Sarena Cheah said.

The South Quay waterfront villa

Designed around a 28-acre lake, the project is set to be the country's first lakeside metropolis.

Among its attractions are a lakeside promenade, alfresco dining, international-themed restaurants, boutiques and retail lots.

Cheah said the project would make up 20% of SunCity's GDV of RM13bil over the next six years.

The inaugural launch in Sunway South Quay will comprise 77 Bayrocks waterfront villas worth RM400mil. This will be followed by luxurious condominiums worth RM379mil.

Already 25% of the villas have been taken up at a private preview for selected customers. The two- and 2½-storey villas are priced from RM4.5mil to RM7.7mil.

Of the two condominium blocks, the first block of 249 units has been sold en bloc to a South Korean buyer for RM163mil, or at RM396 per sq ft. The buyer has been offered the option to purchase the second block.

Sunway Palazzio, on four acres in Sri Hartamas, will comprise 160 luxury condominiums worth RM441mil.

So far, only one block of 80 condominiums has been launched, with a 70% take-up rate.

The units, with built-up of 2,800 to 4,800 sq ft, have an average price of RM850 per sq ft.

The second 80-unit block, with GDV of RM240mil, will be launched early next year.

Sunway SPK comprises 608 units of two and 2½-storey terrace houses and 196 semi-detached units with a total GDV of RM900mil. So far, properties worth RM400mil have been sold.

The just-launched Villa Manja's three-storey semi-detached houses with built-up areas of 4,000 sq ft are priced from RM1.9mil to RM2.3mil.

At the 400-acre Sunway Damansara, the total sales achieved to date is RM2.5bil. The remaining 50 acres of prime commercial and residential land worth a GDV of RM860mil are still available for development over the next three years.

A show unit of a Bayrocks waterfront villa in South Quay

Its latest launch of the Giza shops has raked in sales of RM142mil to date while the Challis townhouses have been 70% sold for RM41mil.

SunCity also has two commercial projects planned for launch in mid-2008.

Sunway SOHO business suites, located next to Sunway Pyramid, comprise four Grade A office towers with net lettable space of 1 million sq ft and GDV of RM150mil.

The small office home offices and business suites of 850 sq ft to 2,000 sq ft will have indicative price of RM500 per sq ft.

Next is SunCity KL, an integrated commercial development on 23 acres in Jalan Peel, Kuala Lumpur.

An urban renewal project located five minutes south of the city centre, the project - with GDV of RM1.5bil - will be developed over the next five years.

The first launch will be 96 shop offices and 280 service apartments with a GDV of RM180mil. There will also be a shopping mall and office towers.

Sunway South Quay, Sunway Palazzio and Casa Kiara 2 have attracted strong foreign buying interest. So far, foreigners have bought some RM300mil worth of properties from the company.

“These are our star performers in terms of attracting foreign buyers. On the whole, foreign sales made up around 25% of total sales for the company and this is a comfortable level for SunCity to leverage on,” Cheah said.

She said Malaysia would remain an attractive property destination with growing foreign interest for premium property products.

“The property environment has become increasingly positive, with the support provided by the Government through the various enabling incentives and policies. The market outlook, especially for the mid- to high-end segment, still holds firm,” she said.

Cheah is confident that SunCity's projects would continue to enjoy a strong competitive advantage and command good price premium as they were innovative and well designed, and located in prime locations.

“The premium price enjoyed by SunCity's property products is a result of the company's established track record as a reputable developer of innovative and quality projects. Continuous margin enhancement is also effected through value management, supply chain management and strategic material sourcing,” she said.

By The Star

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