The land is located 400 metres away from EkoCheras Mall, which also offers direct connectivity to the Taman Mutiara MRT station. Image from: Sunway

Sunway Berhad’s (Sunway) wholly-owned subsidiary, Sunway Kinrara Sdn Bhd, has signed a sale and purchase agreement to acquire a 3.34-acre parcel of prime freehold land from CTM Development Sdn Bhd in the matured neighbourhood of Taman Mutiara, Kuala Lumpur at a purchase consideration of RM 42 million for the development of exclusive homes with consideration of new norm lifestyles.

Sunway Berhad's (Sunway) wholly-owned subsidiary, Sunway Kinrara Sdn Bhd, has signed a sale and purchase agreement with CTM Development Sdn Bhd to acquire a 3.34-acre parcel of prime freehold land in the matured neighbourhood of Taman Mutiara, Kuala Lumpur with a purchase consideration of RM 42 million.

The land parcel is planned for the development of exclusive homes taking into account modern standard lifestyles. Strategically located for a bespoke residential development comprising townhouses and condominiums, the site is 400 metres away from EkoCheras Mall that offers direct connectivity to the Taman Mutiara MRT station, and is surrounded by a host of amenities within a five-kilometre radius including Sunway Velocity, Taman Tasik Permaisuri Park, Pantai Hospital Cheras, UKM Medical Center and UCSI University.

The location also enjoys easy access to several major highways such as the Cheras Kajang Expressway, the Kuala Lumpur Middle Ring Road 2 and the Salak Expressway. Less than 5 km away from the development site is the 122-acre Taman Permaisuri Park, one of the largest green lung in Kuala Lumpur, offering opportunities for recreational outdoor activities.

The development is expected to be ready for launch by the first half of 2022, and is expected to complete in 2026, contributing positively to Sunway’s earnings from 2022.

Sunway Property Managing Director, Sarena Cheah. Image from: Sunway

Sunway Property’s Managing Director, Sarena Cheah said, “The proposed freehold, close-to-transit development will cater to the pent-up demand for larger living spaces with more activities done at home as part of the new normal including working from home. In addition, we are planning for spacious and functional outdoor areas within the development with health and wellbeing a top priority in the minds of everyone.”

“We plan to develop an exclusive residential development comprising just 255 units of townhouses and condominiums with slightly larger built-up area to accommodate new normal lifestyles. First-time homebuyers, young families, upgraders and seniors who have long called Cheras their home and want to move to a more secure community with lifestyle facilities will find the development attractive as it will be designed with elements of connectivity, healthy lifestyle, convenience, community and security in place. We expect prices to start from approximately RM650 per square foot which would be competitive given the low density, freehold tenure and strategic location in the heart of Cheras,” she added.

Cheah adds, “Sunway Property will be actively looking for more strategic opportunities in 2021 given the soft property market. We want to be prepared for any turnaround of the property market in the coming years.”

According to Bank Negara Malaysia, the approval rates for housing loans for the first 9 months of 2020 remained reasonably robust at 72.2 percent to the benefit of some 214,000 borrowers, half of whom were in Kuala Lumpur and Selangor. First-time home buyers form 52% of these successful applicants during the same period, higher than its 6-year average of 41%, indicating the availability of end-financing for this target market despite the uncertainty from the pandemic.

Taman Mutiara is located about 10 km from the city centre of Kuala Lumpur and is a well-established residential area that has benefited from infrastructure investments in the Sungai Buloh-Kajang MRT line. Residents can travel from the nearby Taman Mutiara MRT station to the upcoming financial hub at the Tun Razak Exchange and Bukit Bintang in just 5 to 6 stops respectively.


(3 February 2021)