KUALA LUMPUR (Feb 14): Sunway Property, the property division of Sunway Bhd, is looking to launch RM2 billion worth of properties this year with 90% of the launches in Malaysia, while the remaining will be in Tianjin, China.
According to managing director of Sunway Bhd’s property development division for Malaysia and Singapore Sarena Cheah, this will amount to between 10 and 12 launches for the developer in 2017. Some 70% of the launches will be residential properties with about 50% of them priced below RM1 million.
“We are confident that these launches will do well as most of them are integrated properties. This year’s plan models our success from last year,” she said during a business update by the developer in Kuala Lumpur today.
“Purchasers and investors are still investing in this soft market but with greater caution. We will [also] be launching carefully by taking a wait-and-see approach,” she added.
Cheah noted that 2016 was a “relatively challenging” year for the market but still it was “business as usual” for the developer.
“We have achieved RM1.1 billion of sales for 2016 while our unbilled sales as of December 2016 stands at RM1.5 billion,” she said, adding Sunway Property is targeting RM1.1 billion of sales as well for this year.
“The [property] market is a bit uncertain so we will not rush to launch but we will bring in the right products for the market,” she said.
Sunway Property’s landbank currently stands at 3,301 acres, including the newly acquired 8.45-acre land opposite Sunway Velocity in Cheras which will be developed into Sunway Velocity TWO.