Sunsuria expects earnings boost from new RM1.5bil project

Good take-up: Kwan says The Olive has been well received.

PETALING JAYA: Property developer Sunsuria Bhd will be receiving an earnings boost for the current financial year ending Sept 30, 2017, with the launch of the upcoming high-rise development, The Olive.

Sales and marketing director Simon Kwan said the project was supposed to be launched this year, but was pushed to next year due to a delay in obtaining the advertising permit and developer’s licence for the project.

Still, The Olive, which comprises three blocks, has already been opened for booking and has been well received.

“Block A has been fully taken up, while Block C has achieved a take-up rate of about 75%. We will launch Block B next year,” Kwan told StarBiz.

The Olive’s three blocks will comprise 21, 19 and 18 storeys, housing a total of 240, 216 and 207 units respectively.

The units come with a built-up of 818 sq ft and each floor houses 12 units. The space within each unit has been carefully planned so as to construct a living space that can be utilised effectively. Kwan said the non-bumiputra lots start from RM420,000.

“The take-up rate has been quite fast. We initially targeted the units to be fully taken up by September next year. But looking at the rate of acceptance, we expect it to be fully sold by the first quarter of 2017,” he said.

According to reports, Sunsuria expects to have projects launched with a total gross development value (GDV) of RM1.55bil by 2017.

These include the first residential development of Sunsuria City, The Olive condominium, Bell Suites serviced apartments that face the main entrance of Xiamen University Malaysia and an upcoming landed residential development known as Monet Residences.

Apart from the township projects, Sunsuria will also focus on the second-phase expansion of the mixed commercial development dubbed as The Forum, in Setia Alam.

The company posted a 137% growth in revenue of RM202.4mil and a 230% increase in net profit to RM43.8mil compared to the previous financial year.

This was attributed to the company’s strong sales force, customer-centric practice and the ability to deliver quality projects and developments, namely the upcoming Suria Residence in Bukit Jelutong, commercial development The Forum in Setia Alam and several new commercial projects situated in Sunsuria City, such as Bell Avenue and Jasper Square.

It recently embarked on a 525-acre flagship development in Salak Tinggi, Putrajaya South, known as Sunsuria City.