KUALA LUMPUR (June 6): Accolade Land Sdn Bhd, which has just sold its prime freehold land in Cheras for RM197 million to UEM Sunrise Bhd, said it will utilise the proceeds from the sale for further land purchases to increase its land bank, which is in line with its long-term strategy growth.

Accolade said the land sale to UEM Sunrise has alleviated the financial position of the company, and as such opened up opportunities for the company to expand its assets.

"Accolade is currently looking for opportunities to acquire strategic land bank within the Klang Valley as it is confident in the property market post pandemic and it sees tremendous growth opportunity in Malaysia in the foreseeable future," it said in a statement today.

Last Friday (June 4), UEM Sunrise announced that its wholly-owned subsidiary UEM Land Bhd had signed a sale and purchase agreement with Accolade, the landowner, with preliminary plans of developing 1.8 million square feet of various types of competitively priced properties aimed at young homeowners looking for residences with immediate accessibility to the city centre.

The land was noted to be in close proximity with the Taman Connaught MRT Station, which is said to provide UEM Sunrise an opportunity to explore a transit-oriented development that meets demands of young urban professionals working in the city.

This, Accolade said, further affirmed its confidence in the Taman Connaught location and its development vision.

"Established in 2007, Accolade started this development with Medan Connaught consisting of 46 units of six-level shop offices and The Annex @ Medan Connaught consisting of 258 units of serviced apartments. The 6.86-acre land purchased by UEM was the final phase of the development and has been granted the development order and building plan approvals from the local authorities," it said today.

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