UEM Sunrise hits record sales of RM1.49b, beats sales target by 24%

KUALA LUMPUR (Feb 27): UEM Sunrise Bhd has registered property sales of RM1.49 billion in the financial year ended Dec 31, 2017 (FY17), 24% higher than its sales target of RM1.2 billion for the year.

The higher sales achieved in FY17 was contributed mainly from the property developer’s inventory monetisation initiatives, the newly launched Solaris Parq Residences in Dutamas and Mayfair in Melbourne, said managing director and CEO Anwar Syahrin Abdul Ajib.

“It is something that we are very proud of. A significant amount of this was contributed mainly from our new launches — Solaris Parq Residences and Mayfair,” he told reporters at the company's corporate update briefing today.

Launched in October last year, Solaris Parq Residences is a mixed-use development sitting on 18.8 acres of freehold land with a GDV of RM759.8 million.

Besides having retail shops and office suites, it consists of 576 serviced apartments and residential suites across two towers.

Priced from RM870,000 per unit, the 576 non-landed homes, which have built-ups from 721 sq ft to 1,423 sq ft, recorded a take-up rate of 73%.

Meanwhile, Mayfair is a RM1.1 billion residential development that comprises 158 high-rise residences with built-ups from 750 sq ft to 6,000 sq ft.

Launched in September last year, the 158 units with prices from RM2.4 million have seen a take-up rate of about 32% to date.

Overall, UEM Sunrise has achieved full-year revenue of RM2.9 billion for FY17, the highest revenue recorded since its listing on Bursa Malaysia in November 2008 as UEM Land Holdings Bhd, prior to the merger with Sunrise Bhd, said Anwar.

The full-year revenue for FY17 is an increase of approximately 58% from the RM1.84 billion recorded in FY16, causing its net profit to almost double from RM147.3 million to RM280.1 million.

“2017 has been a very good year for us. The significant amount of improvement (in net profit) is related to property development — our core business, which has been pretty steady with unbilled sales standing at RM4.8 billion as of Dec 31 last year,” he said.

He added that property development activities contributed a total of RM2.25 billion in FY17, representing 77% of total revenue for the year.

Looking ahead, he said the company’s sales target for FY18 remains at RM1.2 billion while it is targeting to launch new projects worth RM1 billion.