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Sunway eyes strategic opportunities to prepare for turnaround of the property market

Sunway Property will actively look for more strategic opportunities this year given the soft property market, says its managing director, Sarena Cheah.

Cheah said the aim is to be prepared for any turnaround of the property market in the coming years.

Last week Sunway Berhad announced that it is buying around 1.4 hectares of prime freehold land in Cheras, Kuala Lumpur for RM42 million.

This is the first land bank acquisition for the year by the master community developer, reflecting its confidence that the property market will recover this year after a slower 2020 as a result of the Covid-19 pandemic.

Sunway said that its wholly-owned subsidiary, Sunway Kinrara Sdn Bhd, has signed a sale and purchase agreement to acquire the land in Taman Mutiara from CTM Development Sdn Bhd.

The land is located about 400 metres away from EkoCheras Mall and via the Taman Mutiara MRT, it is three stops away from Sunway Velocity.

Sunway Velocity, a development by Sunway Group includes the one million sq ft Sunway Velocity Mall, Sunway Medical Center Velocity, and Sunway College @ Velocity.

Sunway said it plans to build townhouses and condominiums that will take into consideration the new norm and lifestyles, targeting first-time homebuyers, young families, and upgraders.

It acquired the land with an approved development order secured, which will accelerate the development’s speed to market.

Cheah said the project is an exclusive residential development comprising 255 units of townhouses and condominiums with a slightly larger built-up area.

She said the development is expected to be ready for launch by the first half of 2022, and the expected completion is in 2026.

“Prices will start from about RM650 per square foot (psf) which would be competitive given the low density, freehold tenure, and strategic location in the heart of Cheras,” she said in a recent statement.

Cheah said the proposed close-to-transit development will cater to the pent-up demand for larger living spaces with more activities done at home as part of the new normal including working from home.

“We are planning for spacious and functional outdoor areas within the development with health and wellbeing a top priority in the minds of everyone. First-time home buyers, young families, upgraders, and seniors who have long called Cheras their home and want to move to a more secure community with lifestyle facilities will find the development attractive as it will be designed with elements of connectivity, healthy lifestyle, convenience, community and security in place,” she added.

The developer’s current land bank stands at about 1,330ha, amounting to RM51.6 billion in gross development value (GDV), with a total development period of 15 years.

Source: NST