Large landbank leaves UEM Sunrise on firm footing

KUALA LUMPUR (May 18): With a landbank of 5,261ha and potential gross development value (GDV) of RM80 billion, developer UEM Sunrise Bhd remains a strong company, says outgoing chairman Tan Sri Ahmad Tajuddin Ali, Bernama reported today.

He explained that the land was inherited with no holding costs and is good for development for up to the next three decades.

"The current soft market has enabled the company to strengthen its internal processes and further build the required fundamentals to achieve goals and vision," Ahmad Tajuddin told a press conference after UEM Sunrise's ninth annual general meeting here today.

Ahmad Tajuddin said there was still notable demand for mid-market landed properties.

"The company recognises an opportunity to leverage on the existing landbank to develop double-storey terrace houses in both the southern and central regions to meet increased demand for mid-market landed properties,” he added.

Meanwhile, managing director/CEO Anwar Syahrin Abdul Ajib said the developer's existing landbank is mainly in Johor (4,047ha), followed by Perak, Selangor and Kuala Lumpur, as well as in Durban, South Africa.

"We may want to take advantage of opportunities arising from the landbank in the near term, especially in the Klang Valley and at nearby strategic infrastructure and transportation hubs.

"For the international presence, the focus is on projects in Australia, especially in Melbourne and Sydney. We may also want to develop our land bank in Durban, and are looking for suitable investors for a retail, residential and hotel project at the beautiful waterfront area," he told Bernama.

UEM Sunrise has appointed Tan Sri Zamzamzairani Mohd Isa as the new chairman, effective today. Ahmad Tajuddin has retired but continues to hold the chairmanship for the UEM Group board.