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Monday, October 20, 2008

Metropolis lifestyle in the offing

SUNWAY South Quay, Sunway City Bhd’s signature lakeside lifestyle development, is promoting a thriving international metropolis in Sunway Integrated Resort City.

Targeted at the growing expatriate and foreign investor market, the RM4.2bil project on 71.2ha will have 4,000 high-end villas, condominiums and retail shops.

To be undertaken in 15 phases over eight years, the gated and guarded enclave is SunCity’s masterpiece, one that will rival the Mont’Kiara international zone.

“Our selling point is the 11.2ha lake that comes complete with a 70-foot Sunseeker luxury yacht that will be rented to residents to host events,” managing director for property development Ngian Siew Siong said.

South Quay has attracted a growing Korean community after a South Korean company, Luxury Court Sdn Bhd, made an en-bloc purchase of 249 condominiums in Sunway South Quay last December.

The residences with average built-up of 1,701 sq ft were priced at an average RM400 per sq ft for a total gross development value (GDV) of RM171mil. The project will be completed end-2010.

Luxury Court is a joint venture between CI Korea Ltd and Daol Trust & Fund Company Ltd, South Korea’s first specialised real estate fund investment and management company.

The same buyers are also keen to make a second en-bloc purchase for another 242 condominiums. Negotiations are currently underway and the residences with average built-up of 1,800 sq ft will be able to fetch a GDV of RM200mil or RM450 per sq ft (psf).

These residences will be re-sold to Korean buyers who are mostly professionals from financial institutions and entrepreneurs.

Meanwhile, interest for the 77 BayRocks Garden Waterfront Villas under phase one of Sunway South Quay has been quite good. The 2- and 2 1/2-storey villas are priced from RM4.5mil to RM7.7mil, or at an average RM1,000 psf.

Since the project’s soft launch in June, close to 50% of the units have been sold for a total value of RM200mil.

According to property consultant Regroup Associates executive chairman Christopher Boyd, the South Quay project reaffirmed that lakeside living in an urban community was no longer an impossible dream.

Boyd said South Quay symbolised all that was good about lakeside living.

“The development embraces the best of nature and tranquillity to create an urban sanctuary,” he added.

The expansive lake offers a tropical theme with calming and soothing overtones.

“South Quay is a pioneering showpiece of a well-planned refuge for urban dwellers with appreciation of nature and a taste for luxury.

“The residents will be able to pursue the usual recreational activities such as jogging and picnics on the landscaped lakeside while the lake itself offers a view most would only dream of,” Boyd said.

By The Star (by Angie Ng)

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