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Monday, July 5, 2010

Suncity sees its property prices up 20pc

Sunway City Bhd (Suncity), developer of the Sunway Integrated Resort City in Bandar Sunway, expects prices at its property launches to increase by 20 per cent this year from 2008.

Its managing director of property development in Malaysia, Ho Hon Sang, said this was in line with the current market trend.

"Suncity's launches for this year will mainly in the Klang Valley with a gross development value of RM1.5 billion," he told Bernama in an interview.

Suncity, Ho said, believes that its premium pricing strategy of focusing on properties with "green initiatives" that promote quality of life will place it well ahead of competitors.
"Our property prices are usually 10 to 20 per cent above the competitors," he said.

According to Ho, the Malaysian property market is not expected to enter a bubble stage despite rising prices due to the limited supply of land in prime areas, and availability of liquidity at the banks and institutions such as the Employees Provident Fund (EPF).

"Malaysian property prices are still lower compared to Singapore," he said. Suncity began its green journey back during its Sunway Integrated Resort City in Bandar Sunway, an iconic project which encompasses a township of medical, university, shopping and retail mall as well as resort and hotels.

"We have also emphasised on security with the implementation of CCTV within strategic roads and location and auxiliary police to ensure proper surveillance," Ho said.

"Sustainable construction is certainly here to stay as
Malaysians are becoming more environmentally conscious. Moreover, it is widely practised by other developers overseas," he said.

He also said that Lafarge Malayan Cement Bhd's cement products such as the Phoenix complemented the group's objective to promote sustainable construction.

The group's efforts in going green were given recognition when the Sunway Palazzio development in Sri Hartamas, Kuala Lumpur, was awarded the Gold Award in High Rise Residential Development by Singapore's Building and Construction Authority Green Mark Scheme.

Sunway Palazzio is the first high-rise residential development in Malaysia to receive the coveted award based on five criteria -- energy efficiency, water efficiency, site/project development and management, good indoor environmental quality and environmental protection, and innovation.

By Bernama

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