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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