The land is in the matured neighbourhood of Taman Mutiara for the development of exclusive homes
By NUR HANANI AZMAN / Pic By RAZAK GHAZALI
SUNWAY Bhd’s wholly-owned subsidiary, Sunway Kinrara Sdn Bhd, has signed a sale and purchase agreement to acquire a 3.34- acre (1.35ha) parcel of prime freehold land from CTM Development Sdn Bhd for RM42 million.
The land is in the matured neighbourhood of Taman Mutiara in Kuala Lumpur (KL) for the development of exclusive homes.
Sunway Property development division MD Sarena Cheah said the development is expected to be ready for launch by first half of 2022 with the expected completion in 2026, contributing positively to Sunway’s earnings from 2022.
“The proposed freehold, close-to- transit development will cater to the pent-up demand for larger living spaces, allowing more activities to be done at home as part of the new normal including working from home.
“We are planning for spacious and functional outdoor areas within the development with health and wellbeing a top priority in the minds of everyone,” she said in a statement.
The group plans to develop an exclusive residential development comprising just 255 units of townhouses and condominiums with a slightly larger built-up area to accommodate new normal lifestyles.
First-time homebuyers, young families, upgraders and seniors who have long called Cheras their home, and want to move to a more secure community with lifestyle facilities will find the development attractive as it will be designed with elements of connectivity, healthy lifestyle, convenience, community and security in place.
Cheah said they expect prices to start from approximately RM650 per sq ft, which would be competitive given the low density, freehold tenure and strategic location in the heart of Cheras.
“The acquisition is Master Community Developer, Sunway Property’s first landbank acquisition for the year and reflects its confidence that the property market will recover in 2021 after a slower 2020 as a result of the pandemic.
“Sunway Property will be actively looking for more strategic opportunities in 2021 given the soft property market. We want to be prepared for any turnaround of the property market in the coming years,” she added.
The land is strategically located for a bespoke residential development comprising townhouses and condominiums.
Located 400m away from EkoCheras Mall that offers direct connectivity to the Taman Mutiara MRT (mass rapid transit) station, the land is surrounded by a host of amenities within a 5km radius including Sunway Velocity, Taman Tasik Permaisuri Park, Pantai Hospital Cheras, UKM Medical Centre and UCSI University with easy access to multiple highways such as the Cheras Kajang Expressway, the KL Middle Ring Road 2 and the Salak Expressway.
The 122-acre Taman Permaisuri Park, which is one of the largest green lung in KL, is located less than 5km away, offering opportunities for recreational outdoor activities. Sunway acquired the land with an approved development order secured, which will accelerate the development’s speed to market.
According to Bank Negara Malaysia, housing loan approval rates for the first nine months of 2020 remained fairly robust at 72.2%, to the benefit of some 214,000 borrowers with KL and Selangor accounting for half of this figure.
First-time home buyers form 52% of these successful applicants during the same period, higher than its six-year average of 41%, indicating availability of end-financing for this target market despite the uncertainty from the pandemic.
Taman Mutiara is located about 10km from the KL city centre and is a well-established residential area that has benefitted from infrastructure investments in the MRT Sungai Buloh-Kajang line. Residents are able to commute to the upcoming financial centre at the Tun Razak Exchange and Bukit Bintang in just five to six stops respectively, from the nearby Taman Mutiara MRT station.
In addition, the development is further anticipated to provide additional spillover in patronage to Sunway Property’s nearby integrated development, Sunway Velocity, which is just three stops away from the Taman Mutiara MRT station.
Sunway Velocity includes the one million sq ft shopping mall — Sunway Velocity Mall, Sunway Medical Centre Velocity and Sunway College @ Velocity.
Currently, Sunway’s total land- bank stands at 3,326 acres amounting to RM51.6 billion in gross development value with a total development period of 15 years.