KUALA LUMPUR (April 13): UEM Sunrise Bhd has acquired 72 acres of land near a lake garden in Kepong to undertake a mixed commercial development, with an estimated gross development value of RM15 billion.
The property developer said its wholly-owned subsidiary, Sunrise Bhd, has entered into an agreement with Mega Legacy Equity Sdn Bhd to collaborate in developing the land.
The group said the development — on the land located adjacent to the Kepong Metropolitan Park (popularly known as Taman Layang-layang) — will include service apartments and commercial offerings.
UEM Sunrise managing director and chief executive officer Anwar Syahrin Abdul Ajib said the development, to be carried out over 15 years, is expected to contribute positively to the group’s future earnings and its profile as a reputable community builder.
“This agreement is a demonstration of our ongoing commitment to expand our portfolio in Klang Valley, where demand for quality products remains consistently strong.
UEM Sunrise’s share price eased one sen or 1.06% to 93.5 sen today, with a market capitalisation of RM4.24 billion. — theedgemarkets.com