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Wednesday, March 26, 2008

UEM Land sees good response

Wan Abdullah Wan Ibrahim (right) and Datuk Teo Chiang Quan at the press conference

PETALING JAYA: UEM Land Sdn Bhd expects the first phase of its 365-acre East Ledang high-end residential property development in south Johor to be sold out in four months.

Managing director Wan Abdullah Wan Ibrahim said 50% of the first phase had been sold since the project was launched four weeks ago.

“We had very good response from Singaporean and Johorean buyers.

“Judging from the response, we expect to launch the second phase in the fourth quarter,” he told a press conference after Paramount Corp Bhd’s wholly owned subsidiary, Janahasil Sdn Bhd, inked a sale and purchase agreement with UEM Land for 10 acres in East Ledang.

Under the agreement, Paramount will purchase the land from UEM Land for RM13.07mil and construct and operate a private school called Sri KDU Smart School.

The first phase of the East Ledang development on 40 acres comprises 140 terrace and semi-detached units with a total gross development value (GDV) of RM97mil. The project’s total GDV is about RM1.3bil.

On the progress of parent company UEM World Bhd’s restructuring exercise, Wan Abdullah said the scheme was progressing “smoothly”.

“We hope to call for an EGM for the UEM group in July and complete the whole exercise by September,” he said.

Paramount group managing director and chief executive officer Datuk Teo Chiang Quan said the agreement gave the company the option to acquire another 15 acres within the next three years.

By The Star

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