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Sunway plans new property jobs in Penang

February 3rd, 2014 Leave a comment

More soon: Tan shows a scale model of Sunway Wellesley Phase 1.The company will begin the RM150mil second phase of the project end of this month.

Sunway Bhd plans to develop a RM450mil high-rise residential property project and a RM1.05bil shopping mall over the next two years on 9.82ha in Paya Terubong which it acquired recently.

Group senior general manager Tan Hun Beng told StarBiz that the residential project would likely begin next year, while the shopping mall, in 2016.

“We are now drawing up plans for the two projects.

“We have yet to fix the selling price for the condominiums but the pricing will be very competitive,” he said, adding that residential high-rise properties in Paya Terubong were already selling at around RM600 to RM700 per sq ft.

Tan said the mall would have a built-up area of about 1.4 million sq ft, which was larger than the Sunway Carnival Mall in Seberang Jaya in Seberang Prai.

“There is a need for a shopping mall in Paya Terubong as the population in the area is growing.

“We are planning a tenant-controlled mall, which will be leased out,” he said.

Sunway purchased the four parcels of land totalling 24.46 acres (9.82ha) for RM267.4mil or RM251 per sq ft.

Tan said the four parcels were close to the Kek Lok Si Temple and the lower train station to the Penang Hill Resort.

“The acquisition of the land in Penang, a rapidly growing state, is in line with Sunway’s business plan to expand its landbank profile.

“The state’s sound economic health and the strategic location of the land should give the projects a positive boost when they are launched.

“The selling price of residential properties are likely to go up further in view of the rising cost of raw materials,” Tan said.

For 2014, Sunway planned to launch some RM290mil worth of residential and commercial projects on the island and in Seberang Prai.

“We will kick off with the RM150mil second phase of Sunway Wellesley, a mixed-development project in Bukit Mertajam, at the end of this month.”

The third phase, costing RM60mil, comprising resort condominiums, will kick off in October 2014.

“On the island, we will launch the RM80mil third phase of Sunway Cassia comprising double-storey semi-detached and three-storey terraced houses, in Batu Maung in June 2014,” he said.

Source: StarProperty.my

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  1. dream-breaker
    February 3rd, 2014 at 17:37 | #1

    “adding that residential high-rise properties in Paya Terubong WERE ALREADY selling at around RM600 to RM700 per sq ft.”

    600-700PSF in that area? halo…..wake up pls… bayan baru / sg Ara area only selling for 500-550PSF now……Paya Terubong is no way closer than 550PSF……450-550PSF perhaps is current trend now….

    really day-dreaming…wake up pls!!

  2. Lim
    February 3rd, 2014 at 18:25 | #2

    I think 600 to 700 psf is too expensive at that area. Try to think if they build a 1200 sf then it be RM800K.

  3. Ah jack
    February 3rd, 2014 at 22:08 | #3

    in penang, is there any property still close to 550psf?

  4. Lim
    February 3rd, 2014 at 23:13 | #4

    Ah Jack @ There is still a lots of projects between 500 psf.

  5. TuaLamPah
    February 3rd, 2014 at 23:50 | #5

    @Lim

    That’s why, if you come across anything that’s located in a good location at RM500/sqft, better buy fast, it will run out very soon….:)

  6. Ah jack
    February 4th, 2014 at 00:05 | #6

    @Lim.

    Can you name development which is near to RM500 psf? But somewhere near to georgetown, Jelutong, gelugor, … not Balik Pulau, batu maung, ….

    I am keen to know that.

  7. Ah jack
    February 4th, 2014 at 00:10 | #7

    @Lim

    Not the subsale as well… if we include the legal fees for S&P and Loan, and some more agent fees…. for a property valued of500k, these 3 things will at least cost you another 20k (cold hard cash)

  8. Lim
    February 4th, 2014 at 00:53 | #8

    A lot of project just launch in sg ara just RM500 psf. The urban suite just launch in Jelutong also RM500 psf. And a lot of subsale also around 500 psf. U can try to research. I think still a lot around that price.

  9. Summerton
    February 4th, 2014 at 15:46 | #9

    Summerton at prime location is around RM500 psft. You may consider.

  10. Ah jack
    February 4th, 2014 at 19:08 | #10

    Thanks @Lim

    I did consider Urban before… the problem is it takes 5 years for construction (exp completion at 2018) and the maintenance is 35-40 cents psf. Consider very expensive.

    However, 500psf is the cheapest rate in the current market, for the non-LC/LMC projects… at least as what i understand now… correct me if i am wrong.

  11. huh
    February 5th, 2014 at 08:37 | #11

    Summerton now still around 500 ?

  12. Super LMC
    February 5th, 2014 at 09:04 | #12

    this sunway chap is talking 2016 price la, paya terubong is super dupper jam, who wan to pay for the high price and ended up in traffic 40% of the entire lifespan?

  13. Ah Dog
    February 5th, 2014 at 12:15 | #13

    RM500psf properties:- N-Park at Gelugor RM350k with 700sf (F/R); Idaman Iris at Sg Ara RM420k with 850sf; Alpine Tower at Bukit Jambul RM650k with 1302sf; and many more.

  14. SuperC
    February 5th, 2014 at 17:01 | #14

    @Summerton
    U got HaoXiao bo????

  15. Summerton
    February 5th, 2014 at 17:46 | #15

    @SuperC

    Mind to translate?

  16. Super LMC
    February 5th, 2014 at 19:03 | #16

    @Summerton

    just like a person slap you right face and you ask for left face slap again. you really SuiXiao.

  17. TuaKong
    February 6th, 2014 at 10:38 | #17

    With the announcement by TSR, looks like there will be plenty of new and well-built housing available for penangites…..:)

  18. AmKong
    February 6th, 2014 at 13:33 | #18

    @TuaKong

    What TSR announcement?

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