SUNWAY City Bhd (SunCity) is confident of performing well this year with the return of buying interest in the property market, especially for residential properties, said chairman Tan Sri Jeffrey Cheah.
“There is a lot of liquidity in the system and the challenge is on the developers to be innovative and come out with the right products that meet the needs of the discerning buyers today,” he told StarBiz in an interview.
Property development remained the largest contributor to the group's earnings, constituting 69% of its revenue of RM659.43mil for the financial year ended Dec 31, 2002.
“Despite the soft market scenario, especially in the second quarter this year, following the severe acute respiratory syndrome outbreak which affected our leisure and hospitality business, the outlook seems brighter now,” Cheah said.
He said the government's stimulus package at the end of May had also “put the economy back on course, with good pick-up of about 2% to 5% in the construction and property sectors.”
Cheah said SunCity had a land bank of some 3,000 acres in the Klang Valley, Penang and Ipoh which would keep the group busy for the next five years.
“We are also on the lookout to expand our land bank, especially those between 50 and 100 acres, to ensure a faster turnaround time for our projects and better cashflow management,” he said.
Besides affordable houses, Cheah said, the market was ripe for lifestyle signature homes and SunCity was moving into this niche development in a big way with various projects lined up.
“We have an established reputation for building quality homes and believe in being different by offering uniquely designed products. By adding value to our development, we are creating a cosy lifestyle ambience for our buyers that is fast catching up among Malaysians,” he said.
Cheah said among the signature projects planned were the Resort Suites at Sunway Lagoon Resort, Sunway Rahman Putra in Sungei Buloh, Kiara Hills in Mont Kiara, Kuala Lumpur, and Green Haven in Damansara Indah.
Resort Suites, SunCity's latest signature project, is offering 280 fully furnished serviced suites of between 456 and 853 sq ft priced from RM265,880 to RM550,000. There are 13 layout plans to choose from – studio units, one bedroom and one plus one bedroom type.
Scheduled for completion in October next year, the suites are located on the 12th floor of the 11-storey, 549-room Pyramid Tower Hotel. Facilities provided will include housekeeping, coffee house, health spa, gymnasium, business centre and laundrette.
“Buyers can choose to be owner-occupant or lease back their units to us to be managed by our hotel management group for a guaranteed return of 5% per annum for the first two years,” he said.
Those who opt for own occupation can choose units from level 21 to 29 while leaseback units are from level 12 to 20.
Cheah said all buyers would be eligible for free Sunway Lagoon Club membership worth RM6,000, which is transferable, while leaseback owners would also be eligible for seven nights' complimentary stay a year and complimentary entrance to the Sunway Lagoon Theme Park.
SunCity managing director Datuk Wong Choon Kee said its maiden signature project, Sunway Rahman Putra, located on 27.5 acres within the Rahman Putra Golf and Country Club, is offering 41 double-storey bungalows with built-up from 5,000 to 6,500 sq ft priced from RM1.3mil to RM1.9mil, and 112 super link courtyard homes of built-up from 3,400 sq ft priced from RM657,000 to RM1.1mil.
At Mont Kiara, a 33-acre site will be transformed into Kiara Hills, a tropical living enclave of bungalows and town houses. Dubbed the Beverly Hills of Kuala Lumpur, the project is scheduled for launch in October.
Wong said Kiara Hills was an exclusive development with 88 double-storey bungalows of be- tween 7,000 and 12,000 sq ft in land area, priced from RM4mil to RM5mil.
There are also 33 units of 3½-storey townhouses from RM1.5mil. Phase two features 200 units of double-storey condominium for a later launch.
Another high-end project by SunCity is Green Haven on 409 acres in Damansara Indah, fronting the Sri Selangor Golf Club.
The project, a joint venture with landowner Dijaya Group, comprises 41 resort villas priced from RM1.8mil to RM3mil under phase one, slated for completion in 2005.
Wong said besides the upmarket projects, SunCity also had projects which were more affordably priced.
They are Sunway Semenyih with houses priced from RM150,000 to RM300,000, Sunway Tunas Jaya in Penang (RM330,000 to RM450,000) and Sunway City Ipoh where double-storey villas are from RM200,000 and country homes from RM300,000.
Did you find this article insightful?