KUALA LUMPUR, Sept 11- Sime Darby Sunrise Development Sdn Bhd will develop a RM1.6 billion integrated property development called, Radia, at Bukit Jelutong in Shah Alam beginning the fourth quarter of this year.
The development, expected to be completed in 2018, covers a gross floor area of 2.7 million sq ft, comprising 640 units of serviced apartments, office space (400,000 sq ft) and retail space (880,000 sq ft).
Sime Darby Sunrise Development is a 50:50 joint venture between Sime Darby Property and Sunrise Bhd, a subsidiary of UEM Sunrise Bhd.
UEM Sunrise Managing Director and Chief Executive Officer Datuk Wan Abdullah Wan Ibrahim said the project comprised five phases, the first four phases would be launched simultaneously.
No prices were available to date.
“We expect the interest to be strong,” he told a reporters after unveiling the new development Tuesday.
The joint venture was signed in April 2010.
Asked on the delay of the project, Sime Darby Property Bhd Managing Director Datuk Abdul Wahab Maskan said there were a lot of conditions that needed to be satisfied.
“The joint venture agreement was in April 2010 and completing the transaction took another few months. And then the process of submission.
“Basically, the property development here takes time and also the land involves three parcels, therefore it takes us a bit more time in trying to fine tune the final design, talk to the authority and get their feedback,” he said.
Abdul Wahab, who is also Sime Darby Bhd Group Chief Operating Officer, said the impact of the recent fuel price hike to its projects would not be significant.
Asked on affordable housing, he said, “There will be some coming in few places.”
He said Malaysian consumers had a lot of options in selecting affordable houses.
“They also have to bear in mind that in life, one cannot expect to buy gold for the price of copper,” said Abdul Wahab.
– BERNAMA
