KUALA LUMPUR: UEM Sunrise Bhd targets a 60 per cent take-up rate in the first year for Kiara Bay Phase 1, its soon-to-be-launched mixed development project in Kepong, Selangor.
Managing director and chief executive officer Anwar Syahrin Abdul Ajib said the company will be launching the first phase by the second half of November this year.
Based on a conservative market condition now, UEM Sunrise is planning to launch 1,000 units of development in Kiara Bay every two years, he said.
The first phase will see the launch of 870 units in Plot 5 of the integrated township with a gross development value of RM15 billion.
“Under the first phase, we are launching 870 units first and see how it goes. If the traction is good, we do it faster. At this point in time, we are conservative given the market situation.
“Next year, we will try to clear the stock and then we will launch another 1,000 units in 2021. That is the planning that we have now,” he told reporters after unveiling the masterplan of Kiara Bay, which is UEM Sunrise’s latest flagship development.
Kiara Bay is a 73-acre mixed development consisting of residential units and commercial spaces – offering an elevated living by the waterfront given its proximity to Kepong Metropolitan Park.
UEM Sunrise is introducing the urban liveability concept in Kiara Bay’s design whereby there will be a diversity in the usage of space – from retail to outdoor parks – as they complement one another to create a vibrant atmosphere for the communities in the self-sustaining township.
“Our focus with this urban liveability concept which will be the core of everything we do at Kiara Bay is to create an active urban living icon that has something to offer everyone in our multi-generational communities.
“At UEM sunrise, we aim to build more than just structures and buildings, but communities and an exclusive environment for them to identify with. Mont’ Kiara is our testament to this vision, and so will Kiara Bay,” said Anwar.
According to the masterplan, Kiara Bay will consist of residential units, retail mall, office spaces, hotels, healthcare centres and education hubs. The entire township development is expected to be completed in 2039.
The first phase of this project, which expected to be completed by the fourth quarter of 2023, consists of 870 residential units, with built-up areas ranging from 800 to 1,250 sq ft priced between RM600,000 to RM900,000.