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Thursday, June 23, 2011

UMLand plans projects with RM500m GDV

KUALA LUMPUR: United Malayan Land Bhd (UMLand) plans to launch new projects with a total gross development value (GDV) of close to RM500 million this year.

These projects, from both the township and niche divisions, are located within Kuala Lumpur and Is-kandar Malaysia, and are expected to enhance the group's earnings over the next two years.

The new projects will include a high-end residential project near the KLCC Twin Towers (joint venture with Bolton Bhd), a commercial development in Johor Baru, and the proposed development of a 240ha land near Pulai Jaya (a joint venture with Tradewinds Johor Sdn Bhd).

Two other projects are serviced residences in Kuala Lumpur's Golden Triangle and the waterfront boutique apartments in Nusajaya, Iskandar Malaysia.

In a statement, he said the good take-up rate of 60 per cent for the luxurious serviced residences called Suasana Bukit Ceylon, is expected to sustain when the project is officially launched today. Suasana Bukit Ceylon comprises 310 units of serviced apartments and is estimated to derive a GDV of over RM300 million with completion expected in 2013.

The waterfront project in Iskandar Malaysia has a GDV of RM190 million and will be launched in the third quarter of this year.

Group chief executive officer Pee Tong Lim said the improved economic climate has given the group some confidence over its future growth.

"The group's operating environment remains posi-tive ... UMLand continues to enjoy a sound financial position," he said.

For the financial year ended December 2010, UMLand registered a RM57.7 million net profit against a revenue of RM316.9 million.

By Business Times

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