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Tuesday, November 29, 2011

UEM Land sets RM3b sales target

UEM Land CEO says the company is optimistic on hitting the property sales target.

KUALA LUMPUR: UEM Land Holdings Bhd, the country's biggest property player by market capitalisation, aims to sell RM3 billion worth of properties next year, an increase of 40 per cent from this year.

Managing director and chief executive officer Datuk Wan Abdullah Wan Ibrahim said the company was optimistic on hitting the sales target.

"We are confident as we have the right products to offer in the market. We are close to achieving this year's sales target of RM2.2 billion," said Wan Abdullah.

The merger with Sunrise Bhd has also raised UEM Land's profile, given the former's expertise in high-rise integrated developments and branding.

For the year ended Dec 31, 2010, UEM Land posted a net profit of RM194.5 million on a revenue of RM469.7 million.

Maybank Investment Bank expects the company to record a strong 37 per cent growth in net profit in 2011, mainly due to the consolidation of Sunrise's earnings.

Wan Abdullah said UEM Land had launched projects worth close to RM11 billion in the past four years and RM10 billion of that would be realised over the next few years.

"We have projects worth RM34 billion to be launched over the next several years," he said after unveiling the RM1.3 billion Angkasa Raya, Sunrise's new landmark project in the Kuala Lumpur city centre, last Tuesday.

UEM Land is the property arm of UEM Group, which owns 69.1 per cent of the company. UEM Group, in turn, is wholly owned by Khazanah Nasional Bhd.

The company became the biggest property player on Bursa Malaysia after buying Sunrise earlier this year. It now has a market capitalisation of about RM11 billion.

UEM Land is currently developing Nusajaya, one of the five flagship zones of Iskandar Malaysia in Johor.

Nusajaya spans 9,662ha, with UEM Land owning 4,161ha that are under various stages of development.

UEM Land also has projects in Bangi, Cyberjaya, Kajang and Mont'Kiara.

By Business Times

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