Bangsar Hill Park Development Sdn Bhd (BHPD) will officially launch its 5.87-acre Bangsar Hill Park project in June this year, starting with Phase 1 or Verdura, which comprises two blocks (Blocks D and E) of 62-storey towers with a total of 812 condominium units.
Bangsar Hill Park will be jointly developed. BHPD signed a conditional share subscription and shareholders’ agreement (SSSA) on Oct 2, 2020, with Sunsuria Bhd (Sunsuria), Suez Capital Sdn Bhd, Dasar Temasek Sdn Bhd and Sunsuria KL Sdn Bhd, whereby Sunsuria would acquire a 51% stake in BHPD for RM8.44 million. According to BHPD, the SSSA was finalised on Feb 8, 2021.
Bangsar Hill Park on Lorong Maarof is part of the RM3.01 billion, 9.82-acre leasehold redevelopment of the Sri Pahang flats in Bukit Bangsar, Kuala Lumpur, being undertaken by BHPD. The developer has plans for another four residential blocks comprising 1,266 units within the enclave. The company will also be developing two blocks of residential apartments under Dewan Bandaraya Kuala Lumpur (DBKL) and Rumah Mampu Milik Wilayah Persekutuan (Blocks A and H, respectively) adjacent to Bangsar Hill Park, as part of the whole redevelopment master plan.
Sunsuria executive chairman Tan Sri Ter Leong Yap tells City & Country in a Zoom interview that the redevelopment project aims to raise the living standards of the area to match the surrounding upmarket Bangsar neighbourhood. “My brother [Suez Capital managing director Datuk Ter Leong Hing] has a lot of experience in urban redevelopment. He has successfully turned a few hundred slums into the modern KL Gateway development in Bangsar South, comprising residences, corporate offices and a shopping mall,” says Ter.
“Bangsar Hill Park is another project he has embarked on. The Sri Pahang flats were in bad condition. We’ve managed to come up with a better and more conducive environment that previous residents can come back to. This is in line with our vision to create a better living environment wherever we go.”
According to Ter, Block A will be built and sold to DBKL and the residents of the Sri Pahang flats — 78 families that were relocated to Bukit Jalil — will be offered the opportunity by DBKL to buy a unit there.
Meanwhile, Ter is confident this joint development will bode well for his listed company, Sunsuria. “Up until [the share subscription], the project was a private venture between me and my brother [Leong Hing], but I feel this is a really good opportunity for the public company, and I managed to convince my brother to make this happen. We are very close, and we have full trust in each other,” he adds.
Verdura @ Bangsar Hill Park
Verdura, which has a gross development value of RM1 billion, will offer units with built-ups ranging from 917 to 1,478 sq ft. There are six layouts to choose from, ranging from 2-bedroom, 2-bathroom units to those with 3+1 bedrooms and 4 bathrooms. Each unit will also have two car park lots. Selling prices start at RM835,000 or RM910 psf.
According to Ter, Block D was open for preview last September and is currently 60% taken up, while Block E is slated to open for sale later this year. “Based on our surveys, we received a very encouraging response, even among our associates and bankers. Hence, we are very confident about the product.
“We believe there are still a lot of people who are looking to buy a property if the product is right. I think the property market has hit rock bottom and will not go down further, and there are many buyers who wouldn’t want to miss this window. With the right price, right location and good design, I don’t see any reason Bangsar Hill Park won’t do well,” he remarks.
Ter adds that Bangsar Hill Park will offer buyers a lot of upside in terms of capital growth. “We believe in creating a faithful following. The first block is priced lower, and this will offer a lot of room for appreciation.”
He says Bangsar Hill Park will be fully residential. “We think Bangsar already has a lot of retail and lifestyle developments. Also, with a sizeable development, we are able to create green spaces and big common areas for the residents to enjoy what we call ‘urban resort living’.”
Facilities at Verdura include a swimming pool, gym, sauna and steam room, badminton court, yoga deck, jogging path, an amphitheatre, a gourmet kitchen, spa pool, children’s pool and play areas, rooftop barbecue area and whirlpool area. The estimated maintenance charge is 38.5 sen psf.
“The development is ideal for young professionals and young families who want to live in Bangsar, as it is a sought-after place to live in with plenty of day-to-day conveniences and lifestyle amenities,” says Ter.
Notable amenities nearby include Mid Valley City, Bangsar Village, Bangsar’s Telawi commercial centre, Bangsar Shopping Centre, KL Sentral and Pantai Hospital Kuala Lumpur. Bank Rakyat-Bangsar LRT Station is a seven-minute walk away.
Phase 1 is currently at the piling stage and is slated to be completed by 1Q2025. The entire redevelopment is estimated to take eight to nine years to complete.
In a good position
Meanwhile, Ter notes that Sunsuria is in a good position to undertake new projects. “Sunsuria has been preparing for an economic downturn since 2018, therefore we didn’t have many new launches as we wanted to preserve cash.
“To a certain degree, we have cut down a lot of expenses, including our overheads, so we are in a good position today. As a matter of fact, we have been really busy with negotiations for new projects in the Klang Valley, Greater KL, Penang and Johor regions.”
Sunsuria’s ongoing projects are the RM10 billion Sunsuria City township in Salak Tinggi, Sepang, and the 13.5-acre Sunsuria Forum @ 7th Avenue in Setia Alam, Shah Alam.
Ter says in addition to the property business, the company has been occupied with its construction, education, landscape and healthcare businesses, which have also been active.