Sunway Velocity 40% completed

Sunway Bhd’s Sunway Velocity integrated development in Taman Maluri, Cheras is now 40% developed and is on track for completion in 2019, the company revealed in a press release today.

Sunway Velocity is a 23-acre integrated development with six components comprising retail, offices, residences, healthcare, hospitality and public spaces in the V Boulevard and V Gardens area, amid a landscaped space that includes a 700m-long, 16m wide vehicle-free green deck, a 400m jogging track and water features.

“We have recently opened up our Signature Retail Suites 2, which is part of Sunway Velocity, comprising 24 shop units and 40 retail units for preview,” said Sunway’s senior general manager of property development division for central region Chong Sau Min.

The offices range from 1,814 to 3,364 sq ft while the shops are sized from 1,991 to 3,848 sq ft. The gross development value (GDV) of this phase is RM203.3 million.

According to him, Signature Shop & Office, comprising 30 shops and 50 office units and launched in April last year, was sold out.

The shops have a built-up of 1,970 to 6,119 sq ft while the offices have a built-up of 1,835 to 4,166 sq ft, and the GDV of Signature Shop & Ofice is RM242.57 million.

Meanwhile, V Residence Suites comprising of 26 units of cabana-styled residences and 95 units of serviced residences, which were launched in 2014, has seen a take up rate of 60%, said Sunway.

V Residences Suites units range from 624 to 1,243 sq ft and has a GDV of RM411 million.

Among some of the amenities residents will enjoy on the roof-top – which offers a panoramic view of KLCC – are a two-acre green lung in the V Garden, a sky cinema and their own sky gardens.

“Enabled by its build-own-operate business model, Sunway will be the largest investor in Sunway Velocity, similar to Sunway Resort City, Sunway City Ipoh and Sunway Iskandar,” said Chong.

“Around 47% of the total GDV of RM4 billion for the entire development will be owned and operated by Sunway, including the mall, the medical centre and the hotel,” he said.

Meanwhile, the Sunway Velocity Mall with a gross build-up of over 1.4 million sq ft slated for completion in 2016 will house 550 tenants on seven levels of retail spaces within a net lettable area of 880,000 sq ft.

The completion of the MRT (Sungai Buloh-Kajang line), slated for 2017, will provide greater accessibility to and from the development said the group. - By Natalie Khoo / theedgeproperty.com