Public rail transport to boost Sunway Velocity

Sales of the Signature retail shop offices started about two weeks ago at Sunway’s integrated Cheras project with overall outcome expected to be fairly brisk despite the weak property sector due to two MRT stations, says Sunway Bhd managing director for property development division (Malaysia/Singapore) Sarena Cheah.

Comprising 64 units, this second phase is scheduled to be completed in 2019, a statement from Sunway says. Intermediate office lots are priced at about RM900 per sq ft (psf) while the retail lots located at ground, level 1 and 2 are priced between RM1,150 and RM1,900 psf.

The first block of the eight-storey Signature offices comprises 80 units and is scheduled to be completed in 2018.

The retail offices are located near the Cochrane MRT station which is currently under construction while the mall at the opposite end is near the Maluri MRT station. Both stations are about 100m from the development.

Known as Sunway Velocity, the entire 23-acre project comprises a mall, residential blocks, a hospital, a hotel and retail offices.

“When completed, the shopping mall, the medical centre and the hotel will be retained by the Sunway group. These components will comprise 47% of the total gross development value (GDV) totalling RM4bil. The gross floor area for Sunway Velocity is 5.1 million sq ft,” she says.

Of this, RM1.1bil of the GDV has been sold with sales and purchase agreements formally signed. The project was first launched in 2011. A residential portion comprising 264 units was completed in December 2014 and handed over to buyers. Some retail and office units totalling 124 units have also been completed in September 2014, Cheah says.

Besides the Signature offices, the developer is also offering residential suites totalling 745 units over two blocks.

The initial block with 334 units were launched in November 2013. It is currently 95% sold.

The second block with 411 units was launched in October last year. It is about 60% sold. The two blocks are expected to be handed over in 2017 and 2018 respectively.

This residential portion and the Signature retail offices are separated by a 2-acre park.

A 700m long and 16m wide walkway deck links all the components within the 23 acres and to the two MRT stations.

The hotel is scheduled to open in 2017 and the hospital a year later.

On the overall weak economic climate, Cheah says: “Like any other developer, while we are cautious in the current economic climate, we are confident of the sales of Sunway Velocity as it is a transit oriented development with two MRT and one LRT stations just a stone’s throw away.”

The project will be facing a huge competitor in the form of MyTown, another sizeable development of about 18 acres less than 500m away. Ikea will be setting up its second store there. MyTown will have about 460 retail outlets across five levels including an underground level.

Both developments are expected to change the entire landscape and skyline in that area. - By The Star