Sunway offers 88% financing to boost sales

Sunway Bhd is offering up to 88% financing to home buyers under a unique ownership campaign as the developer seeks to boost sales, reported thestar.com.my.

Managing director, property development division for Malaysia and Singapore, Sarena Cheah said under the Sunway Property Certainty Campaign, the company would offer financing from internally generated funds as an option if the buyers were unable to get financing from banks. “We are not competing with banks and this is not a gimmick. We are just coming in to help during these uncertain times,” she told a press conference after launching the campaign here yesterday.

“We are still seeing demand for good and well-located properties in the market,” she said, but stricter lending imposed by banks meant some buyers were unable to obtain the financing needed to complete their home purchases. Under the newly-introduced scheme, buyers are given the options to apply loan with commercial banks or with Sunway. The financing options offered by Sunway comes under three packages, which includes guaranteed loan, deferred payment and voluntary exit plan. The guaranteed loan is offered on a first-come, first-served basis for Sunway’s launched and on-sale projects. It is subject to certain criteria.

Cheah said homebuyers could also opt for the deferred payment option, with an initial down payment of as low as 3%, where buyers could pay the remaining amount after a period of 12 or 24 months. “We also have put in place the option for purchasers to terminate their sale and purchase agreement if they lose their employment,” she said. The campaign will end on Sept 30 this year.At the press conference, group also unveiled the third and final phase of the Sunway Geo Series in Sunway South Quay, where it has received an average of more than 95% take-up rates for its previous launches. Sunway is alo gearing up for more central region launches during the early half of the year with two key developments in Mont Kiara and Bangi. It is part of the group’s plan to launch properties with a gross development value (GDV) of RM1.6bil in the Klang Valley, Iskandar Malaysia, Ipoh and Penang. Currently Sunway has landbank of 3,304 acres, with a total GDV of RM47.7bil and a development period up to 15 years. For this year, she said 70% of the launches will be focused in Klang Valley, totalling RM1bil. Its launches for the central region included 420 units of condominium in Sunway Geo Residences 3, with a GDV of RM400mil, a block of office suites at Sunway Velocity with a GDV of RM200mil, 288 condominium units at Brook Residences, Mont Kiara with a GDV of RM200mil and 259 units of serviced apartments at Sunway Gandaria, Bangi with a GDV of RM200mil.

For the southern region, Sunway plans to launch RM400mil of mixed development in Iskandar, Johor while in Ipoh, the group aims to launch Lost World Residences, comprising 262 units of serviced apartments with a total GDV of RM100mil.