The company has RM250 million to spend after it exercised its rights issue in April, which saw RM970 million being raised. Part of the proceeds from the exercise were used to repay debt and for working capital.
UEM Land plans to launch its maiden project outside Nusajaya in Cyberjaya, Selangor, by the end of this month. Dubbed "Symphony Hill", the 39.7ha development, with a gross development value of RM1.1 billion, will be developed in at least six phases over the next 10 years.
"We will develop according to market demand. If there is more demand, we might not need to wait until six phases," said managing director Datuk Wan Abdullah Wan Ibrahim after the company's annual general meeting in Kuala Lumpur yesterday.
UEM Land is in talks with certain parties to develop land in the Klang Valley, but has yet to finalise anything.
"We want to make UEM Land a national player in the property market and for this to happen, the company must have activities and exposure outside of Nusajaya," he said.
UEM Land is the developer of Nusajaya's main features such as the state administration complexes of Kota Iskandar, Puteri Harbour, Southern Industrial and Logistics Clusters and Alfiat Healthpark and residences.
The company has 3,400ha of undeveloped land in Nusajaya, which is targeted to be developed by 2025.
For its financial year ended December 31 2009, it posted a 54 per cent jump in net profit to RM115.6 million on revenue of RM403.1 million.
By Business Times
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