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Saturday, November 21, 2009

SunwayMas seeks to be prominent high-end player

SUNWAYMAS Sdn Bhd, the property arm of Sunway Holdings Bhd, is looking to stamp its mark as a prominent high-end developer, says executive director Andy Khoo.

“The economic downturn has not had much of an impact on the high-end segment. Property prices within this segment have even escalated,” he tells StarBizweek.

Khoo is clearly optimistic about the prospects for the local property sector in 2010.

Andy Khoo at the site of its Sunway Rydgeway in Melawati Heights

“Market sentiment is on the rebound. There is good liquidity in terms of transactions and this should augur well for the property market next year.”

He says SunwayMas would be focusing on integrated commercial developments for 2010.

The boutique developer currently has two ongoing (integrated commercial development) projects within the Klang Valley – Sunway PJ@51a and Bangi Integrated Commercial Centre (BICC).

Sunway PJ @51a will comprise 88 office suites, 11 retail outlets and six showrooms. Located next to Cycle & Carriage, the development is accessible via the Federal Highway, Jalan 225 via Jalan SS9A and New Pantai Expressway.

The company says its BICC project will be a “first-of-its-kind” development in Bandar Baru Bangi, comprising dual frontage, four-storey shop offices.

“Both projects are under construction and the progress has been healthy,” Khoo says, adding that SunwayMas was also looking for opportunities to embark on other projects within the Klang Valley.

“We have about 120ha of undeveloped landbank there and we are always looking for opportunities. We are also constantly looking for landbanks,” he says.

SunwayMas has commenced work on its first high-end residential development in Melawati Heights.

Called Sunway Rydgeway, the project will comprise 40 bungalows and 30 semi-detached homes with a gross development value of RM180 when construction is completed in 2011.

Khoo says the project is 20% complete and the semi-dees have been snapped up while only six bungalows are remaining.

“We felt that it (Melawati) was a nice area to build a boutique development. It is a matured township, but there were still pockets of undeveloped land and we ceased the opportunity to embark on our own project,” says Khoo.

Inspired by the word ‘ridge’ which refers to a place on elevated ground, Sunway Rydgeway overlooks a quartz ridge.

Khoo notes that potential purchasers and investors were cautious about hill-slope developments after the landslide disaster at Bukit Antarabangsa earlier this year). However, he ensures that the homes were safe to inhabit.

“Our projects are on flat, elevated land,” he says, adding that the encouraging take-up rate experienced to date clearly indicated that the design and concept of the homes were what purchasers have been looking for.

A lot of effort was put into maintaining and conserving the natural environment and surrounding landscape, Khoo says.

Security features at Sunway Rydgeway will include an external fibre option CCTV system, home alarm system and unlimited intercom system between the residents.

On another note, Khoo says the Government’s proposal to reimpose the real property gains tax (RPGT) of 5% effective Jan 1 could have an impact on the secondary market.

However, he adds that buyers and investors should be happy that the RPGT was capped at 5% and not higher.

By The Star (by Eugene Mahalingam)

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