Sunway Palazzio, Sri Hartamas

Sunway Palazzio is an award winning development by Sunway City Berhad located in Sri Hartamas enclave. It is the 1st high rise residential development in Malaysia to be awarded BCA Green Mark Gold Award.

Also, the property was crowned as the winner in the category of Best High Rise Residential Development in Malaysia in the 2009 Asia Pacific Property Awards which sponsored by CNBC Television. Sunway Palazzio comprises 2 tower blocks that house a total of 160 units. There are 3 to 5 units per floor on Level 2 until 19. There are 4 basement floors for car park. Facilities and lobby are located on the ground floor and the infinity pool deck is located at the highest floor. The development is scheduled to be completed in April 2010.

The first launch of Sunway Palazzio was held in Singapore in April 2007. It was priced at RM846 psf, with the smallest unit tagged at RM2.1 million. The price has set a new benchmark for Mont Kiara and Sri Hartamas vicinity. The developer claimed that they managed to sell 30% from the total units in Tower 1 during the launch in Singapore.

Besides Singapore, the developer also marketed Sunway Palazzio in Hong Kong and Indonesia as well. The developer offered two package options to initial buyers, the first package is a deferment plan, which initial buyers only need to pay 20% for down payment and nothing else until handover, and another is rental guarantee, which the developer promised 7% gross ROI for the first 2 years for 30 selected units.

Nestled in suburban enclave of Sri Hartamas, plenty of amenities are reachable within mere minutes from the residential. Sunway Palazzio is just 3 minutes away from Hartamas Shopping Centre and Plaza Damas, 5 minutes away from Plaza Mont Kiara and less than 10 minutes away from Solaris Mont Kiara. Other condominiums in Sri Hartamas include Hartamas Regency 2, and The Signature .

In addition, Sunway Palazzio is also mere minutes away from Mont Kiara International School, Garden International School, French International School and SMK Sri Hartamas. For recreational activities, there are Kuala Lumpur Golf and Country Club, Royal Selangor Club and Bukit Kiara Equestrian Club. In addition, the condominium is also minutes of walking distance from Hartamas Park. Sunway Palazzio is also considered one of the best condos in Sri Hartamas.

Property Details

• Name: Sunway Palazzio
• Address: Jalan Sri Hartamas 1, Sri Hartamas, 50480 Kuala Lumpur
• Developer: Sunway City Bhd (a subsidiary of the Sunway Group)
• Completion Date: April 2010
• Type: Condominium
• No. of Blocks: 2
• No. of Storey: 40
• No. of Units: 160
• Built-up: 2,507 – 5,327 sf
• Maintenance Fee: RM0.40 psf (inclusive sinking fund of RM0.04 psf)
• Launch Price: From RM846 psf
• Subsale Price: {Price Range}
• Rental: {Rental Range}

Facilities

• Dual-level infinity pools (including a 40m pool)
• Lounge
• BBQ area
• Poolside function area
• Multipurpose hall and management office
• Fitness centre
• Gymnasium
• Surau
• Male and female changing rooms
• Sauna room
• Sun deck
• Child care centre / nursery room and children’s play area
• Landscaped garden
• Water features and reflective pool
• Children’s and spa pool
• Driver’s room and car washing area
• Storage compartment at car park level for each unit
• Concierge services
• Housekeeping services
• Pick-up laundry / laundry room
• 24-hour security with CCTV, card access system, A/V intercom and CMS linked to guardhouse

Layouts

• Type A & F – 3,336 sf
• Type B & E – 2,819 sf
• Type C & D – 2,507 sf
• Type G – 5,327 sf
• Type J & K – 4,240 sf
• Type L & M – 3,691 sf
• Penthouse (6 units) 8,000 – 10,000 sf

Market Trends

Sunway Palazzio, Sri Hartamas Average For Sale Price

Analysis

Sunway City, also known as SunCity, is one of the biggest names in Malaysia property development industry. The company has been ranked as the country’s top property developer by The Edge for six consecutive years. Besides property development, the company also ventures in property investment, leisure and entertainment, hospitality and healthcare.

The prestigious Green Mark certification is given based on five criteria, which are energy efficiency, water efficiency, reduction on potential environmental impact, improvement on indoor environment quality and protection, and utilization of innovative environmental technologies.

One of the drawbacks of Sunway Palazzio is its close proximity to the high tension power cable. There have been several studies that link radiation hazard from the cable to cause cancer, migraine and brain tumour to name a few. But the developer has cleverly designed all units to face the hilly sides with greenery and bungalows views.

Even though Sunway Palazzio received great response from investors and buyers during initial launches, but in the end most units were not sold. In 2008, SunCity sold the second tower to Radiant Splendour, a local Bumiputera firm, for a total of RM219 million, at around RM750 psf. And until to this date, there are still numerous units available for sale.