For those familiar with the Cheras area you’ll know there’s not a lot in the way of commercial property there, as in big shopping malls or developments. There’s Leisure Mall which has been there for ever and some other small places like Paragon Point and the Giant complex at Connaught. There’s a lot of shop-lots and small developments but nothing on the scale of Mid Valley or 1-Utama, there’s more around the Ampang side than anywhere else.
Well things are set to change with Sunway Velocity which is beginning development at the Jalan Peel area. It’s a fairly old area with a mix of light industrial and eating spots, all of which are expected to be redeveloped into a mixed commercial hub in the near future.
The development site itself is quite large at 22 acres and will be a mix of retail (shopping mall), commercial (office lots) and residential (service apartments). The shopping mall will be fairly large with around 1 million sqf of retail floorspace. It’s a triangle shape with a fairly main road running along each side – Jalan Peel, Jalan Cheras and Jalan Shelley. Jalan Cheras is already a fairly wide road and it’s most likely that Jalan Peel will be further enhanced as the area continues to develop.
We were given a great & very informative presentation by the Senior Marketing & Sales Manager for Sunway City Berhad – Eric Seow.
After the presentation we had the privilege of viewing the show units for the service apartments, one of the 900sqf variety and one of the 1500sqf variety. They are well laid out with plenty of space for storage and good sized bedrooms.
The prices are estimated to be around RM600 p/sf so for an average 1000sqf apartment it should be around RM600,000. This is the layout model for the ‘Type B’ 1512sqf unit – the same layout as the show unit we saw.
They have the advantage of 3 entry points from 3 different roads and they have planned for more than 5,000 car parking bays in the mall itself.
There will also be a central park (good to see some more greenery in the city!) and the feature that really interests me is the ‘Environmental Walkway’ concept they have. It’s a walkway that goes around almost the whole development raised 1 floor from the ground, it’ll be something like a terrace dining concept with restaurants and eateries – greenery and a nice place to walk away from the dust and pollution of the ground floor level.
I think at the price with it being only 3.8km from the very center of KL it could be a good purchase for either living in or for investment purchase, it may be a fairly long term investment as development will take some time. But with prices in KL generally being well over RM1000 per sqf – getting something in that area for less than RM1000 per sqf could be considered a steal.
I’ll be keeping my eye on the project to see when they open sales, another plus point for me personally is that the company behind it (Sunway City Berhad) has a good history and no incomplete or totally failed projects.
The launch will be happening soon, the details are as follows:
Date: 9th April 2011
Time: 6.30pm – 9.30pm
Location: Velocity Sales Gallery (Jalan Shelly, KL)
For more info and the location of the Sales Gallery you can check out their site here: