Sunsuria City the rising sun in the West
KUCHING: Sunsuria City is set to be one of West Malaysia’s rising property development projects supported by its affordable pricing, its direct link to the Salak Tinggi Express Rail Link ( ERL) station and Xiamen University Malaysia ( XUM).
Being a mixed development project, Sunsuria City -- a new township development developed by Sunsuria Bhd (Sunsuria) -consists of 72 per cent residential and 28 per cent commercial content.
Out of its residential content, 15 per cent are landed residences priced between RM500,000 to RM1.0 million per unit while the remaining bulk are high- rise residential apartments with costing mostly below RM500,000 per unit with a some higher priced ones between RM500,000 and RM700,000.
According to an initiation coverage by the research arm of Kenanga Investment Bank Bhd ( Kenanga Research), it was deemed that these prices were affordable and expected to be easily absorbed by the market.
Confidence in this forecast is further supported by the rather promising commercial take up rates of 83 per cent and 62 per cent in Sunsuria City’s Bell Avenue retails shops and Jasper Shoplots which were offered during the township’s initial launch last year.
Besides its af fordabi l ity, Sunsuria City’s location is also a huge catalyst for population growth as the township is only a 15 minute drive away from Cyberjaya, Putrajaya, KLIA and many other major townships and retail developments within the area.
“Notably, another crowd drawer is the upcoming luxury oriented outlet shopping, Horizon Village Outlet which will be located on a 40 acre parcel of land adjacent to Sunsuria City,” added the research arm.
Sunsuria’s direct link to the Salak Tinggi ERL will also allow its residents to reach KL Central within 30 minutes while providing access to the Sri Petaling LRT line and the Rawang-Seremban Line.
Currently, departures headed for KL Central are every 20 to 30 minutes. However, this is set to increase in frequency and also capacity as the ERL has already unveiled its new KLIA transit train targets replace six existing train sets in total which is expected to improve overall operation productivity.
Looking towards Sunsuria City’s main attraction, XUM nestles in the heart of the township and is a government to government project (G2G) between the Malaysian and Chinese governments of which Sunsuria is a project facilitator of.
With 1,450 students already enrolled for its maiden semester intake, the Kenanga Research estimates that it would not be unfeasible for XUM to reach its 10,000 student target within 6 years or by 2023.
Despite possessing plans for a 10,000 student capacity hostel within the University, the research arm still expects XUM to still be a major population booster for Sunsuria City due to potential spill over from students and faculty members alike.
“These students will require basic amenit ies form the surrounding locales, as well as residential areas for those that prefer to live outside campus, which will have spill- overs for Sunsuria City.
“We believe the students at XUM will be a major population booster, which will attract demand for properties in the future,” the research arm rationalised.
Even with all the odds in favour for Sunsuria City, it seems Sunsuria is continue to unlock value in its flagship project through JointVentures (JVs) with other property developers such as Ever Rich Land Co Ltd, a Taiwanese based company primarily involved in property projects aboard.
The JV between the two property developers has an estimated GDV of RM694 million and will consist of the development of a boutique hotel, a wedding house, serviced apartments, a Korean- themed mall and a themed garden.
“The deal is expected to be completed and launched in 2017 with a completion target by 2023,” reported the research arm.