UEM SUNRISE FINDS POTENTIAL PARTNER
South African mixed-use development plan to proceed by year end, says CEO
INTEGRATED property developer UEM Sunrise Bhd has identified a South African partner to jointly develop its 30.7ha landbank in Durban.
Managing director and chief executive officer Anwar Syahrin Abdul Ajib said UEM Sunrise would proceed with the mixeduse development plan by the end
of this year.
The development will comprise retail outlets, serviced apartments, hotel, condominiums and offices.
“Buyers are still ‘cautious’ in South Africa. However, we are quite positive about the vibrancy of the city as it is the secondbiggest port in the country and a major gateway for goods.
“Our land is quite strategic and right next to the seaport,” he said in a briefing, here, recently
Anwar said Phase 1 of the development would occupy about 3.9ha with an estimated gross development value of RM1.6 billion.
UEM Sunrise will start with the development of apartments, retail space and a hotel.
With the successful completion of this under Phase 1, the value of the remaining land would appreciate, said Anwar.
Durban, the third most populous city in South Africa after Johannesburg and Cape Town, also hosts international automotive companies.
“When you have those kind of companies, it shows the economic activity of the place is exciting. We have a small team there and over the years, we have established a close relationship with the local government.”
Anwar said local partners were vital as they knew the ecosystem, network and suppliers.
On Australia, Anwar said the response to its two apartment projects — Aurora and Conservatory — had been good despite the soft property market.
“The Aurora is sold out while Conservatory had a take-up rate of 96 per cent at end of last year.”
Anwar said the weaker market conditions would present good investment opportunities for the company.
“It’s good time to buy when people are desperate to sell and we see this as an opportunity for our next strategy.
“We are also planning to develop a reasonable residential area targeting local Australians.”
Anwar said the company had long-term plans to venture into the United Kingdom.