UEM Sun­rise to buy more land in Klang Val­ley

The Star Malaysia - StarBiz - - News - By EU­GENE MA­HALINGAM eu­genicz@thes­tar.com.my

KUALA LUMPUR: Prop­erty de­vel­oper UEM Sun­rise Bhd in­tends to beef up its pres­ence as a na­tional de­vel­oper by in­crease its landbank within the Klang Val­ley.

The com­pany, which has dis­posed of 163.9 acres in Johor to Coun­try View Bhd for RM310mil, in­tends to utilise part of the pro­ceeds to buy new land, its man­ag­ing di­rec­tor and chief ex­ec­u­tive of­fi­cer An­war Syahrin Ab­dul Ajib said.

“It (the RM310mil) is for a com­bi­na­tion of things. It will help with our gear­ing lev­els and with our in­fras­truc­ture in­vest­ments in Pu­teri Har­bour, Johor. We’re putting in quite a size­able amount of money there,” he told re­porters fol­low­ing a sign­ing cer­e­mony be­tween UEM Sun­rise and Coun­try View yes­ter­day.

“It will also give us the flex­i­bil­ity to do some land­bank­ing in the Klang Val­ley. It’s a good op­por­tu­nity for us to look for land out­side of Johor.”

An­war said UEM Sun­rise has about 13,000 acres of land in Malaysia – the bulk of which is in Johor.

“Peo­ple look at UEM Sun­rise and feel that we’re very much con­cen- trated in Johor – Iskan­dar in par­tic­u­lar. We would like to send a mes­sage that we are a na­tional de­vel­oper.

“One of the ar­eas that we are look­ing at greatly is to in­crease our gross de­vel­op­ment value within Klang Val­ley.

“We have 10,000 acres in Johor, around 2,400 acres in Perak and a few hun­dred within the Klang

Val­ley.”

As at June 30, 2017, UEM Sun­rise’s gear­ing ra­tio stood at 0.56-times.

UEM Sun­rise, via its wholly-owned sub­sidiary Ban­dar Nusa­jaya De­vel­op­ment Sdn Bhd, signed a sales and pur­chase agree­ment with Coun­try View Re­sources Sdn Bhd, a wholly-owned sub­sidi- ary of de­vel­oper Coun­try View Bhd, for land in Iskan­dar Pu­teri, Johor.

The land will be de­vel­oped into a mixed com­mer­cial de­vel­op­ment.

Coun­try View Bhd ex­ec­u­tive di­rec­tor Law Kit Tat said it was still to early to di­vulge de­tails of the de­vel­op­ment that Coun­try View will em­bark.

Last week, UEM Sun­rise inked a deal with build­ing ma­te­ri­als com­pany, the Luxx Ne­w­house Group, for the sale of 100,000 sq ft of land in Johor for RM13mil.

Un­der the agree­ment, the lat­ter will also have an op­tion to pur­chase an­other 100,000 sq ft of land.

The in­vest­ment will in­volve fur­ni­ture pro­duc­tion, hous­ing over 200 skilled em­ploy­ees. The Luxx Ne­w­house Group, which will be in­vest­ing RM80mil over the next five years in UEM Sun­rise’s South­ern In­dus­trial and Lo­gis­tics Clus­ters (SILC) phase 3, has op­er­a­tions in Sin­ga­pore, Malaysia, Hong Kong and China.

SILC phase 3, lo­cated in Iskan­dar Pu­teri, Johor, of­fers lev­elled in­dus­trial land with ready in­fras­truc­ture, build-to-suit pack­ages and lim­ited ready-built fa­cil­i­ties.

De­vel­op­ment of the land is sched­uled to be com­pleted by the first quar­ter of next year.

It’s a deal: An­war (se­cond from left) ex­chang­ing the MoU with Law dur­ing the sign­ing cer­e­mony in Kuala Lumpur.

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