This article first appeared in City & Country, The Edge Malaysia Weekly on December 3, 2018 - December 9, 2018
Riding on the overwhelming response to its integrated development Sunway Velocity in Cheras, Kuala Lumpur, Sunway Bhd recently launched Sunway Velocity TWO on a 8.5-acre site in Jalan Peel.
Sunway Velocity TWO has a gross development value of RM2 billion and will be located diagonally across from Sunway Velocity. The two developments will be connected by three bridges, says Chong Sau Min, executive director of the group’s central region property development division.
The main difference between the two, he explains, is that about 70% of Sunway Velocity TWO will comprise residential units while in the case of the 23-acre Sunway Velocity, three-quarters are made up of commercial units.
All the available units at Sunway Velocity — which features a mall, retail shops, offices, residences, a hotel and a two-acre park — have been sold. Next year, the developer will open an education block and a hospital there.
“The mix of components at Sunway Velocity TWO complements well with Sunway Velocity, which in itself is a retail hub with a good mix of tenants. With the three upcoming bridges, residents of Sunway Velocity TWO can have access to the amenities at Sunway Velocity such as the hotel, hospital, mall, offices, F&B conveniences and the two-acre park. These bridges will be managed by Sunway,” says Chong.
Sunway Velocity TWO will be divided into three plots. Plot A will have two residential blocks, an office tower and retail units, Plot B will have two residential blocks and retail units, and Plot C, an office tower.
In total, there will be 1,500 residential units. The office block on Plot A will have a net floor area of 25,000 sq ft, while plans for the office tower on Plot C have yet to be finalised.
As Sunway Velocity TWO will have more residential units, the environment will be quieter and more exclusive, Chong says.
“Sunway Velocity is very vibrant because of the commercial elements. We believe the conveniences in Sunway Velocity will encourage people to buy into Sunway Velocity TWO. It is a good complement.
“We didn’t face many challenges in planning Sunway Velocity TWO. We are confident of the product and the pull factor of Sunway Velocity. We hope to complete Sunway Velocity TWO within eight years.”
Sunway launched the first residential tower in Plot A — the 53-storey Tower A on a 3.89-acre parcel — on Oct 13 and some 80% were sold during the weekend. Tower A offers 436 apartments sized from 635 to 1,281 sq ft.
Units measuring less than 900 sq ft will have one parking bay, while the rest will have two. Facilities include a swimming pool, wading pool, children’s pool, playground, tree house, gymnasium and herb garden.
“The overwhelming reception shows buyers are confident in what we launch. The units are going for RM780 psf on average. Compared to the last phase in Sunway Velocity that was launched at RM1,200 psf, it is cheaper because Sunway Velocity is freehold and an integrated development,” Chong says.
He sees a mix of owners and investors buying into Sunway Velocity TWO as it offers various built-ups that can cater for both investors and small-sized families. Plot A will offer 18 retail units and the developer has not decided whether to sell or keep the units. It is also mulling the same question for the office tower.
Sunway Velocity TWO will be connected to the Cochrane MRT station and will benefit from the connectivity of Sunway Velocity, which is linked to the Maluri LRT and MRT stations. The developer is planning to build a covered bridge across Jalan Cheras to connect Sunway Velocity with the upcoming Chan Sow Lin MRT station, which will also be connected to the existing LRT station.
“Upon completion of the whole project, Sunway Velocity and Sunway Velocity TWO will be connected to the Maluri, Cochrane and Chan Sow Lin stations.
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