Lena Sin
Province
An artist’s rendering of the five-tower Central City residential and retail development project in Whalley. The project is being touted as a landmark that will transform the neighbourhood. — THE PROVINCE
Homebuyers are voting with their dollars for a Korean developer’s ambitious plan to turn Whalley — the much-villified, crime-riddled Surrey neighbourhood — into a revitalized centre.
The first of 1,300 prospective buyers showed up at 5 a.m. yesterday to bid on the first of five towers to be built next to the King George SkyTrain station.
Just three hours into the sale, offers had been made on more than 300 units worth about $79 million.
By 5 p.m., there were just 10 suites left of the 345-unit Infinity tower, part of the Central City residential project.
“These are the strongest condo sales we have ever seen in the suburbs,” said realtor Jason Craik of MAC Real Estate Solutions.
Final sale figures won’t be known for another six days, since buyers are given a one-week grace period to rescind their offers.
The $350-million, five-year project is spearheaded by Myung-Soo Jung, the first developer to argue that new residential construction can be profitably built in Surrey‘s beleagured centre.
Although MAC, the marketer of the property, outlines a number of advantages — easy transit access, its own shopping arcade — price is clearly the biggest draw.
“It’s an unmatched offering when you look at what you really get for what you’re paying,” said Craik.
One-bedroom suites start at $140,000, two-bedroom condos at $180,000. In comparison, the average condo price in Vancouver West was $326,849 in March, up 8.8 per cent from last year, according to MLS housing statistics.
CRAIK BRUSHED OFF
Whalley’s reputation as a crime and drug centre, arguing that city council is actively working to realize its vision of Whalley as a livable, mixed-use centre.
“Every area has its challenges, and I think people are going to see through that,” said Craik.
“Bottom line is, nobody can buy a home for this price anywhere else.
“You’re getting a five-tower development, you’re getting the start of a revitalization of a city that really has a clean slate to work with.”
Jung, 41, is president of Jung Ventures and moved from South Korea to West Vancouver last year.
He said he’s aware of Whalley’s crime problems but believes Central City will become a landmark in the revitalization of the neighbourhood.
The second tower for Central City will go on sale in June, at about the same time construction for the first tower is set to begin.
Surrey Re/Max realtor Scott Williams said there’s a lot of interest in the Whalley area from first-time homebuyers.
“I get a fair amount of interest every year, but more so lately because it’s been years since anything’s been done in that area,” said Williams.
“But now, it’s going all over the place. There are several townhouse sites, condo buildings and, of course now, you’ve got the big towers they’re selling.”
Yesterday proved to be a major coup for Craik — Surrey wasn’t the only city where condos were selling fast.
A second property in Burnaby, Park 360, also marketed by Craik, had half of its 100 units sold by the afternoon, netting about $35 million in sales.
Craik has already sold $60- million worth of real estate in the first quarter of this year, outpacing Vancouver‘s top realtor, Bob Rennie, who has sold $27.9 million as of March 31. Rennie, of Rennie Marketing Systems, moved 703 units worth $405.8 million last year.
© The Vancouver Province 2005