KUALA LUMPUR: Sunway Property has raised its property sales target to RM2.2bil from its earlier target of RM1.6bil in January 2021, due to strong sales in Singapore.

       In a statement on Wednesday, it said Singapore recorded more than RM1bil in sales due to the successful launches of Ki Residences, a private condominium in Clementi, and Parc Central, an executive condominium in Tampines.

       “The projects have achieved commendable take-ups of 55% and 80% respectively, ” it said.

       Sunway Property also said in Malaysia, the launch of Sunway Belfield in Kuala Lumpur city centre, was also well received.

       With a gross development value (GDV) of RM330mil, the first tower of the development has almost sold out despite being just launched in January 2021. Due to the strong interest, the developer brought forward the launch of the second tower at Sunway Belfield (below) which has a GDV of another RM360mil.

       Overall, the take up for both towers at Sunway Belfield is about 75%.

       An artist impression of Sunway Belfield, Kuala Lumpur City Centre

       Sunway Property’s managing director, Sarena Cheah said the sales targets were revised upwards due to the encouraging sales in Singapore where the real estate market is still performing strongly

       “In Malaysia, we can see that well-priced products in good locations are still attracting genuine interest from new home buyers, ” she said.

       Cheah thanked the Malaysian government for extending the Home Ownership Campaign.

       “Although we are setting higher sales targets, more than half of our sales are from overseas markets. The local property market is still challenging and we can see that buyers are appreciative of all government efforts in helping them own their first home, ” she said.

       She added In line with the changing lifestyle needs and preferences, most of Sunway’s new launches will have larger usable spaces, including more units with four rooms providing flexibility for a home office, separate wet and dry kitchens to cater for increased home cooking and co-working spaces which provide the flexibility for residents to work away from their unit while still in the same development.

       All developments will be supported by WiFi connectivity and facility spaces for those who wish to organize meetings and discussions in private.

       “There will also be enhanced focus on affordability as some of the new launches will have units with starting prices from RM300, 000, with one particular location providing residents more than just green views from their units but also doorstep access to the forest reserve.

       “In terms of connectivity, apart from good road and highway access, most of the new projects are within a short walking distance to rail stations including MRT, LRT and KL Monorail, ” she added.

       On sustainability of earnings, Sunway Property had also been active in replenishing its landbank.

       In the first half of 2021, Sunway Property had acquired two parcels of prime freehold land totaling 10 acres for transit-oriented developments with potential GDV of RM1.4bil.

       The first parcel is a 3.3-acre freehold land in Taman Mutiara, Cheras for the development of exclusive residences catering to families and upgraders demanding larger living spaces and more carparks.

       The second is a 6.6-acre parcel of prime freehold land in Jalan Cochrane next to the Cochrane MRT Station for a transit-oriented mixed development complementing the nearby Sunway Velocity and IKEA MyTown.

       With these new acquisitions, Sunway Property’s total land bank stands at 3, 334 acres with a potential GDV of over RM52bil.