Strong potential seen for Solaris

By THE STAR

KUALA LUMPUR: Sunrise Bhd expects to see the number of households within a 5.5km radius of its latest development, Solaris Dutamas, surge to some 250,000 from 220,000 in 2005 when the project is completed in 2009.

“This translates into a population of more than a million within the primary catchment area,” managing director Datuk Michael Yam said.

Valued at RM1.5bil, Solaris Dutamas has recorded RM1.1bil in sales. The balance of RM400mil worth of properties would be retained for rental income and to control the tenant mix, Yam told StarBiz.

Sunrise has completed nine condominium projects and one commercial development in Mont’ Kiara.

Yam said while commercial development within a residential area was previously rejected, residents today were asking for these facilities in their neighbourhood.

“They want to live, work, shop and play within the same vicinity and this is going to be the trend, going forward,” he added.

Yam said as markets became more globalised and countries strived to attract foreign investment, Sunrise was targeting global citizens with high mobility who preferred to be near amenities and have easy access to the city centre.

The company on Monday entered into a memorandum of understanding with Fitness First and Village Grocer as anchor tenants for Solaris Dutamas.

Launched last year, Solaris Dutamas will have 457 shops, over 1,000 offices and office suites, 772 serviced apartments and more than 5,000 parking bays.

It is located in one of the most affluent neighbourhoods in Malaysia with the primary catchments include Taman Duta, Kenny Hills, Damansara Heights and Duta Nusantara, Mont’ Kiara and Sri Hartamas.

On its overseas ventures, Yam said Sunrise was looking to divest its stake in its Sydney investment by year-end due a softening of the Australian property market.

In 2002, the company purchased three acres of land and a commercial building in Sydney for A$10mil.

As for its investment in Britain, Yam said Sunrise planned to raise its stake in the Ipswich Waterfront project.

Related Posts