UEM Land's Symphony Hills rakes in RM52m

UEM Land Bhd's development project, Symphony Hills in Cyberjaya, raked in RM52 million within the first three weeks of its launch, MIDF Reseach said.

"We believe it will continue to be a hit, given it easy accessibility via the Maju Expressway (MEX) and eventual migration to Kuala Lumpur city fringe (sub-urban) living," MIDF Research said in its research note today.

The research house has maintained its neutral call and forecast for the company shares and revised upwards its target price to RM1.63 from RM1.25, citing the execution risk, improved strategic land sales and capability to attract Foreign Direct Investments (FDIs) as factors.

UEM Land is the real estate investment and property development arm of UEM Group Bhd.

The company posted a pre-tax profit of RM41.268 million for its second quarter ended June 30, 2010, up 361.2 per cent from RM8.948 million in the same period last year while revenue increased to RM88.003 million from RM68.686 million previously.

By Bernama