KUALA LUMPUR (March 10): UEM Sunrise Bhd has acquired three prime plots in Section 13, Petaling Jaya, Selangor on Jalan Professor Khoo Kay Kim, with plans to rollout a mixed development with estimated gross development value (GDV) of RM1.3 billion.
In a media statement today, UEM Sunrise said its wholly-owned subsidiary, UEM Land Bhd, signed a conditional Sale and Purchase Agreement for the three land parcels measuring 9.93 acres for a total consideration of RM200 million.
Dutch Lady Milk Industries Bhd previously owned the land which has been the centre for its factory operations and warehouse facilities.
Preliminary plans for the leasehold parcels will focus on delivering a mixed commercial development that will complement the ongoing redevelopment efforts for the entire Section 13 into a commercial hub.
The project is targeted for launch in the next two to three years and is estimated to have a GDV of RM1.3 billion.
This acquisition marks UEM Sunrise’s first project in Petaling Jaya, further strengthening the company’s portfolio in prime and upmarket locales, following its successes in Mont’Kiara, Kuala Lumpur and Iskandar Puteri, Johor; in addition to a new integrated mixed use development, Kiara Bay located next to the Kepong Metropolitan Park in Kuala Lumpur.
“We are excited to continue providing customers high-quality homes in sought-after addresses, given Petaling Jaya’s prime and mature location that is equipped with wide accessibility as well as a good mix of amenities and lifestyle components. It also bodes well with our ongoing efforts to rebalance our portfolio and increase our foothold in the Klang Valley. It has been our growth plans to intensify our focus in key and strategic lands that can be tapped and provide a quick turnaround,” said UEM Sunrise Chief Executive Officer Sufian Abdullah.
“What attracted us most about this land is its location within the Draft Special Area Plan Section 13 Petaling Jaya identified by Majlis Bandaraya Petaling Jaya to redevelop the area into a commercial hub as part of its urban renewal efforts,” he added.
“With the land strategically located in Petaling Jaya, its proximity to the central business districts and the education hub, we want to accommodate first-time homebuyers, young or small families and customers looking for investment opportunities in targeting short or long term tenancies by young professionals and students in the various universities and colleges nearby,” said Sufian.
UEM Sunrise also purchased an 11.45-acre plot in Taman Pertama, Cheras, Kuala Lumpur last year. Located within the vicinity of the Taman Pertama MRT station of the MRT Sungai Buloh-Kajang Link, the land has been earmarked for a mixed high-rise development comprising approximately 2,400 apartment units.
The project has an estimated gross development value of RM1.1 billion and is slated to be launched towards the end of the year.
Get the latest news @ www.EdgeProp.my
Subscribe to our Telegram channel for the latest stories and updates
TOP PICKS BY EDGEPROP
Savanna Executive Suites @ Southville City
Paisley Serviced Residences, Tropicana Metropark
Subang Jaya, Selangor