Fashion
Property developer Sunsuria, which will be launching projects with total gross development value (GDV) in excess of RM1.55bil next year, is cautiously optimistic about the outlook of the market in 2017 – in spite of what the naysayers say.
Sales and marketing director Simon Kwan says the outlook for 2017 “should be good”, which is why the company is embarking on the launches.
“We are optimistic. Even though the market is challenging, the piece of cake will still be there – just a little smaller,” he tells.
Among the projects in the pipeline is 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 its mixed commercial development, dubbed The Forum, in Setia Alam.
The company is targeting to launch phase two by the final quarter of 2017.
The mixed integrated development is situated in Sunsuria Seventh Avenue, within Setia Alam. Located on 6.6 acres of freehold land, the second phase will comprise retail units, an office tower (21 storeys), SoHo service suites (33 storeys) and service apartments (41 storeys).
“There will be 150,000 sq ft of lettable retail space in phase two. We sold the retail units in the first phase, but we’re holding the new units and will rent them out in the second phase, says Kwan.
The first phase of The Forum, which was launched in 2015, comprised 172 units of office space and 61 units of retail space.
“All of the office units have been sold, while about 40 units of the retail units have been snapped up,” says Kwan.
The retail portion of the first phase has been taken up by tenants such as Village Grocer, Secret Recipe, Baskin Robbins and Focus Point.
Kwan feels that these household names will help to attract new retail tenants in phase two of The Forum.
He says Village Grocer, which has taken up about 25,000 sq ft in the first phase, has taken 10,000 sq ft in the second phase.
Kwan is naturally optimistic about the prospects for The Forum.
“Setia Alam is a mature area already and we believe it is self-sustainable. The site is strategically located within the vicinity of Setia Alam commercial hub, Sunsuria Seventh Avenue, Setia Eco Park, Klang and Shah Alam.
“There is convenient access to major highways such as Persiaran Setia Alam, the New Klang Valley Expressway, Shapadu Highway, Elite Highway and the Federal Highway. We have 90 acres in Setia Alam and the second phase will be the last piece. So we want to do our best,” he says.
Kwan also feels that the Malaysian retail sector will still be steady in 2017.
“Malaysians like to go to malls. Online shopping is a new trend and, yes, it’s growing. But many families like to go to shopping centres and we believe this trend will continue.
“It’s a favourite pastime for Malaysians. A lot of us go to malls – we won’t necessarily shop but may spend the day at food and beverage or entertainment outlets.”
The Olive
Another highly-anticipated project for the Sunsuria group in 2017 is the company’s high-rise development, The Olive.
Initially slated for a 2016 launch, a delay in obtaining the advertising permit and developer’s licence has forced the company to push the launch to next year.
Located at Sunsuria City at Putrajaya South, Salak Tinggi, Kwan says the project, which comprises three blocks, is already open 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 says, adding that The Olive will comprise 21-, 19- and 18-storey blocks, 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 living space that can be utilised effectively. Kwan says 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 says.
Kwan explains that the name “The Olive” was inspired by Ceferí Olivé, a Spanish watercolor painter.
“The Olive is the first high-rise residential development in Sunsuria City,” he says, adding that the company is targeting students and residents from within the Putrajaya and Cyberjaya areas for the high-rise project.
“We’d also like to target upgraders,” says Kwan.
It’s no coincidence that Sunsuria City envelops the G2G-initiated Xiamen University Malaysia campus, the first Chinese university campus on foreign soil.
Sunsuria 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.
The roots of the Sunsuria group dates back to 1989, when its founder and owner, Datuk Ter Leong Yap, started to develop various residential, commercial and industrial property projects in the Klang Valley.
