This article first appeared in City & Country, The Edge Malaysia Weekly on December 7, 2020 - December 13, 2020

Sunway Bhd is looking to launch Tower C within its  8.5-acre Sunway Velocity TWO in Kuala Lumpur by the end of this year, according to Chong Sau Min, executive director of the group’s central region property development division.

The RM2 billion Sunway Velocity TWO, which was unveiled in 2018, is located diagonally across from integrated development Sunway Velocity on Jalan Peel, Cheras. About 70% of Sunway Velocity TWO will comprise residential units. In contrast, three quarters of the 23-acre Sunway Velocity is made up of commercial units.

Sunway Velocity TWO will be divided into three plots. The 3.89-acre Plot A will have two residential blocks (Towers A and B), an office tower and retail units. Plot B will have two residential blocks and retail units while Plot C is a commercial component. Sunway is keeping the office tower and retail units to control the tenancy mix.

Chong says Towers A and B have been fully sold. Towers C and D will be located within the three-acre Plot B. All four towers are linked to each other, and will eventually be connected to Sunway Velocity via overhead link bridges.

Currently open for preview,  Tower C will offer 467 units, with built-ups of 678, 689, 786 and 915 sq ft, in a 48-storey block. The first three layouts will have two bedrooms and two bathrooms, while the fourth will have three bedrooms and two bathrooms. Both the 786 and 915 sq ft layouts are also dual-key ready,  says Chong.

The 915 sq ft unit will have two parking bays, while the rest will have one. The average selling price for these units is about RM900 psf for early birds, or starting from about RM600,000.

“The layouts in Tower C are similar to Towers A and B because these layouts had received good response earlier. The dual-key ready option also gives buyers the flexibility to stay in the main unit, while building a partition for the studio unit and renting it out,” he tells City & Country.

“The registration so far has been encouraging and we are confident of the take-up for Tower C, based on the response to Towers A and B. Also, during the MCO (Movement Control Order), we have been able to sell via digital media and our sales are still strong. It is our long-term strategy to continue to use digital media to sell without having buyers entering the sales gallery.”

The buyer portfolio at Towers A and B are mainly Malaysians aged 25 to 44, followed by Malaysians aged 45 to 64 as well as foreigners, and they are a mix of owners and investors. With Tower C, Sunway will continue to target similar target groups. The tower will have some different facilities, compared with the first two blocks, to cater to the younger generation.

The new facilities are a one-acre park, co-working space and karaoke room. Other facilities include an infinity pool, integrated playground, exclusive kitchen, a multipurpose hall, badminton court and rooftop terrace. The maintenance fee and sinking fund is 35 sen psf.

Chong notes that Towers A and B have attracted buyers not only from the Klang Valley, but also Ipoh, Penang and Johor, who are drawn to the good infrastructure and amenities around Sunway Velocity TWO.

“Sunway Velocity is a mixed-use development with residential, shopping mall, retail, medical centre, college, office and hotel components, and all these are connected to each other. It is not too big so these components are all walkable. It is also connected directly to an MRT station. In Kuala Lumpur, not many developments such as this are priced competitively,” he says.

“There are people who want to own a piece of investment property in KL – this is just nice, not too expensive, and it is convenient. The purchasers are not the speculative type because they are keeping the property for the long term as they [appreciate] the development’s amenities and connectivity.”

Sunway Velocity is directly linked to the Maluri MRT and LRT interchange station. It is also close to various major links, such as Jalan Tun Razak, Jalan Cheras and the SMART Tunnel.

Chong says Tower D will be launched about nine months after Tower C, depending on the response and market sentiment. In total, the two towers have slightly more than 1,000 units.

Piling works at the two towers have been completed. The construction of Towers A and B has reached mid-height, and they are slated for vacant possession in 2022.

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