MALAYSIA’S economic growth is expected to be slower this year due to the challenging global economic and financial landscape, but major property developers remain unfazed.
Despite a weaker ringgit, still-low crude oil prices and worldwide geo-political issues, companies such as Sunsuria Bhd will continue to develop their landbank, albeit cautiously.
Sunsuria senior director of sales and marketing, Simon Kwan, said the company would continue to launch new products within Sunsuria City, its township in Salak Tinggi.
“We have a moderate outlook for the overall performance of the property sector this year due to several reasons, including Bank Negara Malaysia’s lending guidelines and cooling measures such as high real property gain tax and a 70 per cent loan-to-value ratio.
“There are also wait-and-see consideration by potential buyers, difficulties in getting bank financing and implications from the GST (Goods and Services Tax) implementation.
“Despite all that, we believe that developments with good and unique concepts like Sunsuria City will still be able to attract potential buyers and investors,” he told NST Property.
Chan said Sunsuria was offering diverse opportunities and a very unique township concept based on its strong key principles - smart, liveable and sustainable - coupled with great accessibility and amenities with strong catalytic components, such as Xiamen University Malaysia, the upcoming Korean-French-themed development and Horizon Village Outlets.
He said the company’s main focus this year was to offer medium-range small-office-home-offices/condominiums and landed residential properties, targeting new-generation buyers.
“Recently, we launched our first residential, The Olive, which comprises three- and two-bathroom units with balcony, some overlooking Xiamen University.
“These units are designed for the new-generation buyers, first-time homeowners, parents of students who study in the vicinity of Putrajaya South, business owners and investors with an average household income of RM10,000 per month and above. The response we got was good.
“There are families migrating from neighbouring areas such as Nilai, Dengkil and Bangi, who are looking for a new township with good access to the ERL (express rail link) and not congested,” added Chan.