Friday August 31, 2012
Building an upscale suburb
By JOY LEE
Photos by BRIAN MOH
THE SUNSURIA Group has a 4.6 ha piece of development land in Bukit Jelutong, Shah Alam with an estimated gross development value (GDV) of RM1bil that will be developed in three phases.
Bukit Jelutong has been described as a much sought after address where residential projects are mostly focused on low-density bungalows and duplex houses.
Sunsuria director Simon Kwan said the prices of property in the area have doubled from 10 years ago and noted that it was a good location to have a foothold in.
“We feel there is a need to have a mixed development here with high-end, luxurious small offices/home office (SoHos) and some condominiums as well,” he said.
The first phase of Suria Jelutong is spread across 1.8ha and will consist of 666 standard and premium serviced-apartment suites. The standard suites come in studio, two- and three-bedroom options with built-up areas from 450 sq ft to 1,334 sq ft.
There will also be 48 commercial units, three floors of shop offices and one-and-a-half floors of retail boutiques in the first phase of the development. The retail space is priced at RM1.8mil per unit onwards, with sizes starting from 900 sq ft.
Kwan said there is demand for smaller units such as apartments and SoHos suitable for students and retirees in the area.
There are several colleges in the area surrounding Suria Jelutong which provide a ready market for Sunsuria.
The first phase, with a GDV of RM300mil, is expected to be completed by 2015. Kwan noted that some 80% of the first phase has already been sold.
“We are also developing some commercial units to cater to the residents of the 600-over units so that they can get their needs within the area,” he said.
He added that the retail space from the first phase of development was snapped up because of their river frontage.
“Jelutong is a new commercial area. We have observed the trends and we can see that there is still high demand for commercial units in Bukit Jelutong,” Kwan said.
This explains the focus of Sunsuria in developing commercial units in the second phase of Suria Jelutong that will take up 1.2 ha. Construction works is expected to take off by the end of this year.
“Today, most people don’t go out of their way to go to shopping malls. They prefer smaller retail units and neighbourhood malls. So this serves the community well,” he said.
While plans are underway to develop more high-rise products in the third phase of development, Kwan said Sunsuria will continue to observe demand trends in the area before finalising the blueprint for the remaining parcel of land.
Sunsuria has completed several successful projects including Sunsuria Avenue, a lifestyle hotspot in Kota Damansara and garden villas in Shah Alam.
Kwan said the group has more than 40.4 ha of land that will be under development over the next five years and is expected to add some RM5bil in GDV to Sunsuria’s books.
“But we are not just looking at our GDV. We have to sell something that people want because we have to make sure that the demand for our products is genuine and not just an investment demand. We need to make sure people are going to stay there. It won’t look good if it becomes a ghost town,” he said.
The developer has a few more projects in the pipeline including an apartment development in Setia Alam, Sham Alam.