UEM Sunrise

KUALA LUMPUR (Oct 30): UEM Sunrise Bhd, via its wholly-owned subsidiary Bandar Nusajaya Development Sdn Bhd, has inked a Sales and Purchase Agreement with Country View Bhd’s subsidiary Country View Resources Sdn Bhd for the sale of 163.9 acres of land in Iskandar Puteri, Johor at RM310 million. 

The commercial land disposal leaves UEM Sunrise with landbank of 10,000-acre in the southern region, and GDV RM94 billion, according to UEM Sunrise managing director and chief executive officer Anwar Syahrin Abdul Ajib.

“This latest investment in Iskandar Puteri by yet another leading property developer reflects the confidence that not just international players, but domestic players as well, have in us and the region.

“We in UEM Sunrise remain optimistic in the future of Iskandar Puteri and the wider region, and look forward to working with valuable and reliable partners like Country View in developing Iskandar Puteri.

“Together, we will be able to unlock the land value and spur future growth of Iskandar Puteri as well as the region,” he said at the signing ceremony between UEM Sunrise and Country View today,” said Anwar.

The signing ceremony was witnessed by UEM Sunrise chairman Tan Sri Zamzamzairani Mohd Isa and Country View executive chairman Tan Sri Mohamed Al Amin Abdul Majid.

Country View’s Mohamed Al Amin Abdul Majid said the land acquisition marks the developer’s growing footprint in Malaysia and he looked forward to developing this land in the near future to support the thriving and growing community in the region.

“Our development and involvement with UEM Sunrise has spanned over a period of 16 years. This SPA will bring the total area of land developed or to be developed by Country View in Iskandar Puteri to about 628 acres,” he said in his speech.

According to Country View executive director Law Kit Tat, the commercial parcel will be developed into a mixed-use development featuring residential and commercial plots.

The 164-acre commercial land is located near the interchange between the Coastal Highway and Lebuh Kota Iskandar.

Nearby infrastructure include EduCity, which boasts institutions such as Marlborough College, Raffles American School and Newcastle University Medicine, health-related developments such as Columbia Asia Hospital and Gleneagles Medini Hospital and entertainment plus leisure destinations such as LEGOLAND Resort Malaysia and Sanrio Hello Kitty Town in Puteri Harbour as well as Pinewood Iskandar Malaysia Studios.

However, Law added that it is too early to reveal the tentative launch period for the mixed development. The Johor-based developer has completed and sold more than 15,000 properties since its inception in 1981.

Anwar said the land disposal will help UEM Sunrise to further invest in Puteri Harbour’s infrastructure as well as to conduct landbanking in the Klang Valley.

“We have over 13,000 acres of landbank across Malaysia. This [land disposal] gives us more flexibility to look at landbank outside of Johor," he added. 

Commenting on the Budget 2018 that was tabled on Friday (Oct 27), Anwar said it was an “interesting budget.”

“Budget 2018 was targeted at the M40 and B40 while the target market for our products are the upper-middle class.

“What’s interesting is the 50% tax exemption for rental income of up to RM2,000. Perhaps that would spur [property] investments. There are pockets of excitement although we were hoping for more. But it’s a people-centric budget,” he remarked.

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