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Saturday, July 17, 2010

SunCity eyes foreign investors

Bay Rocks, which c onsists of 77 units of 2 and 2 1/2 storey l uxury bungal ows, signals SunCity’s for ay into the luxury market.

A cooler, calmer sanctuary. This is what Sunway City Bhd (SunCity) will be offering residents of its new condominium development – A’marine – located in Sunway South Quay, Bandar Sunway.

There are elements of comfort, style, and convenience that when put together showcase the height of exclusive lakeside metropolis living.

Sunway South Quay is the company’s new 178-acre residential development that consists of about 4,000 units of condominiums (A’marine and Nautica) and bungalow villas (BayRocks).

SunCity is targeting foreign investors for their latest development.

“We are trying to promote Sunway South Quay to international residents. We have already sold Nautica to a South Korean company, CI Korea,” managing director of property development in Malaysia, Ho Hon Sang tells StarBizWeek.

Nautica was sold for RM171mil, or about RM400 per sq ft. About 70% of A’marine’s 242 units have been sold since its soft launch in May. The units are priced at RM550 per sq ft. A’marine has a gross development value (GDV) of about RM200mil. The project is slated for completion by June 2013.

Ho Han Sang ... ‘As a property de veloper, you always look to better the last project.’

BayRocks, which consists of 77 units of 2 and 2½ storey luxury bungalows, signals the group’s foray into the luxury market. The development has a GDV of about RM367.7mil.

The bungalows are spacious, modern and well furnished. They also come complete with a hydraulic elevator.

Says Ho: “We have kept a low-key profile when marketing BayRocks because it is an expensive product. The price of about RM4mil-RM5mil per unit emphasises that fact. As a result, we have limited the amount of units built. In the first phase, we managed to sell about 95% of the 30 units made available.”

“In line with the Government’s Malaysia My Second Home programme, we are also hoping to attract certain high net worth individuals to come and stay in Malaysia,” he says.

This is not the first time SunCity has done business with foreigners. The development of Bandar Sunway as an integrated city has relied on educational institutions to attract foreign funding in the past.

“Bandar Sunway is an education hub. Taylor’s University College, Monash University and Sunway University College are located in this area. We have about 16,000 students living here, of which 30% are foreigners,” says Ho.

Sunway South Quay is strategically located nearby amenities that includes Sunway Medical Centre, Sunway Pyramid Shopping Mall, Sunway Lagoon Theme Park and an abundance of food and beverage outlets.

Despite what looks to be a rosy future ahead for SunCity, Ho insists that the company will not be resting on their laurels.

“As a property developer, you always look to better the last project. If there is demand for commercial property we will build them, and the same goes for residential property as well,” he says.

By The Star

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