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Friday, June 17, 2011

UEM Land to sell RM5b properties

SUBANG JAYA: Property developer UEM Land Holdings Bhd will start marketing properties with a potential gross development value of RM5 billion this year.

Chief executive officer Wan Abdullah Wan Ibrahim said UEM Land has unbilled sales of RM1.5 billion that will be realised in the next two years.

He said the group is also on track to achieve its internal target to record 50 per cent growth in revenue this year.

"This will be coming from a combined result of UEM Land and our subsidiary group Sunrise Bhd. So it is very achievable," Wan Abdullah said at a media briefing after the group's annual general meeting yesterday.

Last November, UEM Land merged with Sunrise in a RM1.39 billion deal which created Malaysia's largest property company with a market capitalisation of nearly RM10 billion and 4,860ha of land. The acquisition was completed on February 16.

The group's net profit for the first quarter ended March 31 jumped 460.34 per cent to RM17.60 million, while revenue soared by 372.77 per cent to RM187.68 million.

Yesterday, its shares closed unchanged at RM2.78 with some 6.4 million units traded.

UEM Land hopes to surpass revenue performance among its peers by building its portfolio through launching of new property projects.

In the pipeline is a high-rise residential Imperia at Puteri Harbour, Nusajaya, which will take off this year and a RM2.84 billion freehold township project in Bangi, which it hopes to launch by the second quarter of next year.

Its ongoing residential projects are East Ledang, Horizon on Hills, Nusa Idaman, Nusa Bayu and Symphony Hills in Cyberjaya, which is the group's first project located outside of Nusajaya.

Wan Abdullah said the company is keen to be a regional player tapping Sunrise's market presence via its property development projects in Vancouver, Canada.

Sunrise also has property interest in Australia, South Africa and the UK via joint ventures with overseas partners.

"We are looking to expand overseas, but we will go there through partnerships," he added.

By Business Times

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