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Wednesday, June 25, 2008

UMLand to launch high-end projects in KL

UNITED Malayan Land Bhd (UMLand) expects to launch another two high-end development projects within Kuala Lumpur city centre after the soft launch of Suasana Bangsar last April.

Its group chief executive officer, Anthony Yap, said the combined gross development value of all three niche projects was in excess of RM1.5 billion.

“Suasana Bangsar, a 190-unit freehold condominium, offers a choice of two-, three- and four-bedroom suites ranging from 1,112 to 2,200 sq ft each.

“Priced from only RM550 per sq ft, the RM185 million project was well-received at the soft launch,” he told a media briefing after the company’s annual general meeting in Kuala Lumpur yesterday.

Yap said in the second half of 2008, UMLand would develop a 34-storey 310 units of serviced residences on a 0.6-hectare site nestled within the serene enclave of Bukit Ceylon.

He said in early 2009, UMLand would also be developing a premium luxury low-density residences with townhouses and condominiums housed in two 45-storey towers on a 1.72ha site near the Petronas Twin Towers.

“This is a 50:50 joint venture project with Bolton Bhd. Given the attractive locations and development potential of these projects, they are expected to contribute positively to future earnings of the group,” he said.

He said the group has acquired two parcels of freehold commercial land in Johor Baru Central Business District and Golden Triangle of Kuala Lumpur for RM27 million and RM9 million respectively.

“The proposed developments for both land parcels comprise a mix of commercial and residential uses,” he said.

Group net profit for the financial year ended Dec 31, 2007 rose by 16 per cent to RM46.6 million on the back of RM396.8 million in revenue.

“Year on year revenue declined marginally from RM416.6 million in the preceding financial year due to lower revenue recognition from our Suasana Sentral Loft condominium project which tapered off in 2007 and was subsequently completed at the end of the financial year,” he said.

By Bernama

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