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Friday, November 13, 2009

UEM Land lines up property launches for next year

SUBANG: UEM Land Holdings Bhd has a slew of property launches for 2010, primarily within the Nusajaya (Johor) and Klang Valley areas, said managing director and chief executive officer Wan Abdullah Wan Ibrahim.

“We have many more projects in Johor and we hope to seal some deals in Kuala Lumpur and Selangor. “In Nusajaya, we have a lot more on our plate,” he told StarBiz after a signing ceremony yesterday with REAL Education Group Sdn Bhd, an education services provider. Wan Abdullah said the projects in the pipeline comprised affordable, medium and high-end developments.

He was also optimistic about UEM Land’s business prospects for 2010.

“Looking at our results (for the financial year ending Dec 31, 2009), we suffered in the first quarter, recovered in the second and improved in the third.

“The fact that our results are improving consistently tells you that we are on the right path,” Wan Abdullah said, adding that the launches it had slated for next year would boost the company’s performance.

UEM Land’s net profit for the third quarter ended Sept 30 surged to RM7.54mil from RM1.11mil in the previous corresponding period despite revenue dipping to RM72.79mil from RM78.37mil previously.

The company yesterday signed a sale and purchase agreement with REAL for the latter’s purchase of 0.4ha of land to establish a kindergarten in East Ledang, Nusajaya.

REAL group chief executive officer Sim Quan Seng said the land and the construction of the kindergarten could cost as much as RM4mil.

A residential enclave set amidst gardens and ornamental waterways in an area spanning 110ha, East Ledang will be developed in seven phases with a gross development value of RM1.4bil.

Nusajaya, spanning 9,550ha, is slated to become one of the largest and most prestigious integrated urban developments in South-East Asia.

Wan Abdullah said UEM Land was in talks with parties to develop projects in Nusajaya.

“We are always on the search for strategic partners. Because of the size of Nusajaya, it is impossible for us to develop projects ourselves. In most instances, it would be a joint-venture initiative,” he said.

By The Star (by Eugene Mahalingam)

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