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Saturday, December 20, 2008

It’s business as usual for condominium developer Sunrise

Sunrise Bhd general manager (branding and corporate communications) Joachim Ng says it will be business as usual for the condominium developer in Mont’Kiara.

Although the global financial crisis has affected sentiment, Ng says its projects have been almost fully sold, except for some bumiputra-reserved units and the newly launched Mont’Kiara Residence.

“We have been through many cycles and will continue to be prudent in controlling costs and monitoring cashflows. But as we said earlier, we are fortunate to have a large pool of unbilled sales that will tide us through this period.

“We will also continue building on our brand proposition and creating value for all stakeholders. After this crisis, we think buyers will gravitate towards time-tested and proven developers in the next upcycle,” Ng says. They will also be watching for opportunities to make good asset purchases at favourable prices, he says.

On the large number of high-rise developments in Mont’Kiara and scepticism among analysts and property consultants that prices and yield will hold, Ng says the reality is there is an irreversible trend towards high-rise living in Kuala Lumpur.

“Increasingly, locals are opting for condo living because of security, facilities, landscaping and lifestyle,” he says.

Ng says 15 years ago, locals made up only 10% of the condo population in Mont’Kiara. Now they comprise 35% in Sunrise-built developments.

As of Sept 30 this year, the company’s unbilled sales amounted to RM1.37bil, equivalent to 2.6 times its average annual revenue over the past three years, Ng says.

With 82 acres left besides Seri Kembangan and Mersing, Ng says the company is constantly on the lookout for opportunities that may come its way.

Its existing land-bank in Mont‘Kiara will see it through at least another decade. Most of its projects are on three to eight acres.

He says Mont’Kiara Residence, comprising 19 fully completed bungalows priced at RM6.5mil upwards, was launched in mid-November at the height of the global financial crisis.

He says the company has secured strong interest for nine units. Sunrise has four other ongoing projects – 10 Mont’Kiara (90% sold), 11 Mont’Kiara (80% sold), Mont’Kiara Meridin (90% sold) and Solaris Dutamas.

“These will be completed in the next two years. We have several other projects pending approvals and will wait for better market conditions,” Ng says.

Mont’Kiara Meridin is expected to be completed in the beginning of next year, and the 17-acre Solaris Dutamas by the end of next year. Completion of the 10 Mont’Kiara and 11 Mont’Kiara is expected at end-2009 and 2011 respectively.

“From now till next year, we will focus on marketing Mont’Kiara Residence bungalows. MK28 in Mont’Kiara will be launched when sentiment improves.

By The Star (by Thean Lee Cheng)

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