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Wednesday, January 11, 2012

UEM Land set to launch RM5.5b property projects

NEW TARGET: Firm expects sales to increase 50 per cent to RM3 billion this year

UEM Land Holdings Bhd is set to launch property projects worth about RM5.5 billion across Malaysia this year.

As such, it anticipates sales to increase to RM3 billion, about 50 per cent more than last year's sales target.

Its managing director and chief executive officer Datuk Wan Abdullah Wan Ibrahim said the locations for the company's new projects would include Johor, Mont Kiara in Kuala Lumpur, and Bangi and Kajang in Selangor.

"We expect the demand structure for our properties to take a new dimension. We expect a dramatic increase in take-up (of our properties).

"So, we are targeting sales of properties worth RM3 billion this year. Last year's target was at RM2 billion," he told reporters after the signing of a joint-venture agreement with Medini Security services Sdn Bhd, a wholly-owned subsidiary of Iskandar Investment Bhd, here yesterday.

In fact, Wan Abdullah said, the company has managed to achieve last year's sales target of more than RM2 billion. He, however, declined to disclose the exact sales figures.

"At any one time when we launch a project, 85 per cent of the units offered are always taken up. And in the past two years, our sales team had managed to achieve our target.

"So the board decided to raise the target bar for 2012 ," he said.

Under the agreement sealed yesterday, UEM Land and Medini Security have agreed to form a full-fledged security services company to provide enhanced security for Nusajaya, one of the five nodes of Iskandar Malaysia.

Asked on UEM Land's properties in Nusajaya, Wan Abdullah said since 2006, the company has managed to sell some 3,500 units of properties there, noting that sales only picked up over the last few years.

"Sales were slow in the beginning, but over the last few years, they have been increasing dramatically," he said.

By Business Times

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