Australia on Sunway's radar

Sunway Bhd property division managing director Sarena Cheah and property development division (Malaysia and international projects) deputy managing director Tan Wee Bee at the launch of the ‘Under The Sun Certainty+’ financing campaign.

By SHAREN KAUR - February 22, 2018 @ 11:15am

SUNWAY Bhd plans to widen its real-estate ventures overseas and is targeting the more stable Australian market in a bid to grow its foreign income contribution.

“We are now in China and Singapore. Australia will be next. We want to secure something at the right pricing,”said Sunway property division managing director Sarena Cheah at a briefing recently.

She said the company is expected to diversify andstrengthen its presence outside Malaysia to improve its bottom line.

Cheah did not specify which cities in Australia the company is looking at, but Melbourne seems a likely choice.

In the last decade, several Malaysian developers have added Melbourne to their property development portfolio.

Sunway Yi Fang Cheng — Sunway’s completed project in Jiangsu, China.

The city has a bustling economy, good geography and steady growth in property prices.

Melbourne is the world’s most livable city and attracts property investors from all over the world, including Malaysia.

For the past 12 to 13 years, Melbourne has experienced the largest population increase among Australian capital cities.

Cheah said the company’s focus in Australia is to develop residential properties.

It was reported that Sunway Property’s foreign income contribution was slightly more than 20 per cent. The company plans to increase it to 50 per cent over the next two to three years.

In China, Sunway Property has completed Sunway Yi Fang Cheng inJiangsu Province and is developing Sunway Gardens Phase 2.

In Singapore, the company has completed a few projects, including Sunway Avant Parc in Sembawang.

Sunway Property aims to secure around RM1.3 billion in sales this year on the back of RM2 billion upcoming launches.

The launches include condominiums in Sunway Tianjin Eco City in China and Sunway Rivercove Residence in Singapore.

On the domestic front, Sunway Property’s planned launches this year are Sunway GEO Lake, Sunway Citrine Lakehomes, Sunway Onsen Suites, apartments in Sunway Velocity TWO, apartments in Sunway Wangsa Maju and designer shops in Sunway Wellesley.

The company has unveiled the “Under the Sun Certainty+” financing campaign that features low downpayment, cash rewards, guaranteed loan, deferred payment, voluntaryexit plan and differentiated sum instalments.

Cheah said the financing scheme will help buyers own their dream homes.