Jalan Peel in Cheras, Kuala Lumpur, was once a quaint area famous for its row of food outlets.
Despite having gone through some redevelopments since the 1970s, it still arguably is one of the best street food spots in the capital city. Today, it is a busy road, bustling with commercial activities, thanks to some new developments in the area.
One of the biggest projects in Jalan Peel is Sunway Velocity. It is the only integrated development of its kind in Cheras that encapsulates the five key components of retail, healthcare, residential, hospitality, education and commercial.
The 9.3ha RM4 billion development is home to Sunway Velocity Mall, the four-star Sunway Velocity Hotel, Sunway Medical Centre Velocity (SMCV), as well as signature retail stores, offices and residences.
According to Sunway Bhd, Sunway Velocity was created to bridge the gap among the growing population and for the gentrification of the area, which had more than 800,000 people in 2010 when the company began master-planning the development.
Cheras is one of the Klang Valley’s largest and most populous townships with a catchment of 1.72 million people within a 20-minute drive, with 87 per cent wealthy achievers and prosperity in top occupation categories. This represented an opportunity to Sunway.
Average household income in the area was RM8,000 to RM15,000 at the time, with an estimated population growth of 24.7 per cent.
Sunway has sold more than RM1 billion worth of residences and offices since the project started. Apart from the project’s strategic location and concept, the group’s branding and reputation has also helped garner interest from house buyers and investors.
When Sunway Velocity Shopping Mall opened in 2016, it become a new landmark in the Cheras area. The mall’s current occupancy is at 99 per cent with an average of 1.1 million visitors per month that can increase up to 1.3 million during festive months.
These shoppers are mainly from Cheras and the Klang Valley.
Sunway Velocity mall’s main anchor tenant is Parkson. Mini anchors are TGV Cinemas, Harvey Norman, Popular, Toys “R” Us, Home’s Harmony & SB Furniture, Uniqlo, Aeon MaxValu Prime, Grand Imperial, JD, Chi-X Fitness and Padini Concept Store, among others. Collectively they take up 40 per cent of the mall’s total leasable space.
The 351-room Sunway Velocity Hotel opened in September 2017, complementing the mall. The 16-storey mid-market transit-oriented hotel was developed at a cost of RM146 million.
In addition to the ready catchment provided by the tenants of the office towers, the hotel also anticipates visitors from the upcoming financial city of Tun Razak Exchange, Bukit Bintang City Centre development, and the Kuala Lumpur city centre.
Sunway College has recently launched its new campus at Sunway Velocity, offering full and part-time programmes. The college can accommodate 3,500 students.
The latest to open in the integrated township is SMCV, a comprehensive tertiary care private hospital which will provide a range of facilities, amenities and services to the Cheras and southern Kuala Lumpur communities.
The hospital, developed at an estimated cost of RM320 million, has a designed capacity for 240 beds, 77 consultation suites, six operating theatres and a catheterisation laboratory.
Construction of SMCV began in May 2017 and was completed in June this year.
The medical centre is part of Sunway Group’s extensive expansion plans for the healthcare segment.
Choo Voon Chee, the chief executive officer of SMCV, said in a statement that the medical centre hopes to make a significant difference in healthcare in the southern Kuala Lumpur area.
EXPANDING PRESENCE IN CHERAS
Sunway entered into a joint-venture (JV) agreement last year to acquire Austral Meridian Property Sdn Bhd, which enabled the group to gain additional 3.41ha of leasehold land in Jalan Peel to launch Sunway Velocity TWO, directly opposite Sunway Velocity.
The estimated gross development value (GDV) for Sunway Velocity TWO is about RM2 billion and it will be developed over 10 years.
The development comprises four residential towers, office blocks and retail units at the podium level, and will continue to cater to the needs of a rapidly-growing neighbourhood in Cheras.
In total, there are three phases for the development. Phase One will have two 53-storey residential towers (Tower A and Tower B), an office block (net floor area of 25,000 sq ft) and 18 retail units.
The second phase will comprise two residential towers and retail units, while the third phase will consist of an office block.
There will be a total of 1,500 residential units.
Last year, Sunway launched Tower A and Tower B. To date, both towers have recorded 98 per cent take-ups. The units sold at an average of RM780 per sq ft (psf).
The units in Tower A range between 635 to 1,281 sq ft and Tower B, between 635 and 1,119 sq ft.
The layout provides owners the flexibility of converting units with dual-key feature, and this was a big hit among investors. This feature makes the apartments attractive for those who may consider renting out a portion of their unit.
The target launch of Tower C in Phase Two is in the first quarter of next year.
There is no price indication for the units, but the current price is averaging at RM900 psf.
Sunway is bullish about the take-up of the units as the development is directly linked to three mass rapid transit (MRT) and two light rail transit (LRT) stations.
Other than the Sunway Velocity shopping mall, residents at Sunway Velocity TWO can enjoy extended shopping convenience with IKEA Cheras, MyTown Shopping Centre and AEON Big Jalan Peel just around the corner.
Sunway Velocity TWO will be a Green RE-certified development which includes energy lighting and rainwater harvesting. Among its facilities are an infinity pool, karaoke rooms, sky terrace, community farm and a children’s playground in the form of a unique tree house.