Sunway Property sets RM1.6b sales target for 2021, expects a better year ahead

PETALING JAYA (March 4): Sunway Property, the property division of Sunway Bhd, is eyeing to achieve sales of RM1.6 billion this year, with the anticipation that market sentiment will recover gradually after the National Immunisation Programme kickoff.

In today’s virtual media briefing, Sunway Bhd property division managing director Sarena Cheah said the company will be launching properties worth RM2.8 billion in gross development value (GDV) this year. 

Of that amount, 40% will be properties in Malaysia, 30% in Singapore and 30% in China.

To recap, Sunway Property has recorded RM1.3 billion sales in 2020, and it has also launched RM1.9 billion worth of properties.

“With the vaccine arriving in Malaysia and the plans to disseminate them to all Malaysians – it is not really about the vaccine but it is all about getting vaccinated. We will be able to achieve a herd immunity of at least 70-80% as soon as we can so that we can all get back to some form of norm. 

"So, I think this year will definitely be a lot brighter as we see the light at the end of the tunnel,” said Cheah, adding that with the team working hand in hand, they expect to surpass the sales target.

Among the launches in store in Malaysia are Sunway Belfield Tower A at Jalan Maharajalela which carries a GDV of RM320 million, Sunway Artessa at Wangsa Maju (RM300 million), D’Hill at Sunway Damansara (RM220 million) and Jernih Residence at Kajang (RM270 million).

“The majority of our launches will be priced from RM500,000 to RM700,000, with most of them priced less than RM1 million. We also have units at D’Hill and Jernih Residence priced from RM270,000 onwards catered to first-time homebuyers. 

"Meanwhile, our Sunway Belfield project is already 80% booked while our Sunway Artessa units are designed to cater for bigger families with units starting from 1,300 sq ft,” Cheah added.

In Singapore, the company will be launching the 700-unit serviced apartment Parc Central Residences with a GDV of RM910 million which has already secured 70% take-up rate, while in China, it will be launching the third and final phase of Sunway Gardens at Tianjin with a GDV of RM780 million.

Meanwhile, Cheah also highlighted that there is a growth in a new segment of home occupiers who have just started to go into the workforce and may want to delay their property purchase and prefer to rent a property first. Hence, the group has decided to embark on a co-living concept.

“We have our Sunway House Waterfront Residence at Sunway City which is only available for rental. This is where we capture the rent-to-buy market as 25% of the rent is convertible to down payment which they can use to purchase any properties under Sunway Property later on. The rental starts from RM1,000 onwards where we have a range from private studios to duplex units,” noted Cheah, adding that they are looking to expand this concept to other regions with good connectivity and amenities as well.

The group is also looking to introduce assisted living units at the Sunway Medical Centre for those who like to stay close to quality healthcare services.

“However, it is for long-term rental specifically for those 65 years and older who may need assistance for three to five of their daily activities. For example, going to the toilet or for someone to watch their diet. There is a demand for such services but we want to ensure we market it properly to ensure that the quality is there,” said Cheah.

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