Sunway Property has announced the launch of RM 2.8 billion worth of properties across Malaysia, Singapore, and China, in anticipation of a recovery in the economy as vaccines become available around the world this year.
Sunway Property Managing Director, Sarena Cheah said that the property developer has set a sales target of RM1.6 billion for 2021, up from RM1.3 billion in 2020.
“40% of the new launches worth RM1.1 billion will be launched in the Klang Valley, where the economy is expected to rebound the most in tandem with the vaccine roll-out. The remaining 60% of launches will be international projects such as Parc Central Residences (GDV: RM910 million) in Singapore and Phase 3 of Sunway Gardens Condominiums in Tianjin, China,” she said.
Sarena state that Sunway Property has 3,324 acres of landbank with a potential gross development value of RM51.3 billion as of December 31, 2020, in total.
“Through its build-own-operate business model, we have retained ownership of up to 50% of the properties within the townships, generating significant value for the community. It is Sunway’s philosophy as a Master Community Developer and a co-investor with all of its property buyers is reflected in its continued development of new investment properties in its integrated townships,” Sarena said.
Currently, the Group’s pipeline of investment properties include Sunway Hotel Big Box, Johor (GDV: RM160 mil), Sunway Carnival Mall expansion, Penang (GDV: RM350 mil), Sunway International School (GDV: RM200 mil) and Sunway Medical Centre expansion (GDV: RM600 mil) in Sunway City Kuala Lumpur. In total, Sunway Property currently has more than RM11.0 billion of assets under its management as of Dec 31.