- UEM Sunrise plans to develop a mixed-use development featuring residential and retail components, to be categorised in the NEST Series under UEM Sunrise’s Happy+ product series.
- The development is estimated to have a total gross development value of RM1.1 billion and is targeted to launch in 2025.
KUALA LUMPUR (June 7): UEM Sunrise Bhd, under its wholly-owned subsidiary Sunrise Innovations Sdn Bhd, has entered into a Sale and Purchase Agreement with Kwasa Properties Sdn Bhd, a wholly-owned subsidiary of Employees Provident Fund Board (EPF), to acquire approximately 3.7 hectares of freehold land adjacent to the Damansara-Puchong Expressway (LDP) in Kelana Jaya at a purchase consideration of RM155 million.
According to a media release by UEM Sunrise, it plans to develop a mixed-use development featuring residential and retail components, to be categorised in the NEST Series under UEM Sunrise’s Happy+ product series.
“The NEST Series focuses on multigenerational-oriented homes designed with the customers’ extended families in mind,” stated the company.
“We have exciting plans in the works for this upcoming development which will emphasise multigenerational living opportunities. The scheme will be designed to be future-proof, catering for the evolution of the family, offering nurturing and secure environments, complemented by welldesigned functional gardens and parks with recreational facilities,” said Sufian Abdullah, chief executive officer UEM Sunrise about the plans.
“Strategically located in the mature neighbourhood of SS6 Kelana Jaya, the residents of this new development will have easy access to urban amenities and great connectivity to vibrant commercial centres, including SS6’s retail hubs and Paradigm Mall, located just opposite it,” he added.
The development is estimated to have a total gross development value of RM1.1 billion and is targeted to launch in 2025.
“The recently acquired land is also situated opposite the Taman Bandaran Kelana Jaya, Petaling Jaya’s largest and one of the most well-known parks in the area. Residents are able to take advantage of the park’s amenities and enjoy the available jogging tracks circling the lakes.
“Several units of this future residence may also have unobstructed views of the lake-filled park itself,” stated UEM Sunrise.
“This latest acquisition is a testament to our ongoing efforts to rebalance our landbanking portfolio and increase our presence in the Central region. We are confident that we can create more value in developing the land for the price we paid for. UEM Sunrise is always looking out for new development opportunities, especially in key conurbation and matured prime locations that deliver value to our customers and shareholders, as means to reinforce our future pipeline for long-term sustainability and growth,” said Sufian said.
The disposition of EPF’s prime land to UEM Sunrise “is thus aligned with the company’s strategy to maintain sustainable development as a renowned property developer, proven by its notable track record”, stated the company.
With this latest purchase, UEM Sunrise's total landbank in the Greater Kuala Lumpur area stands at approximately 175 hectares amounting to an estimated total GDV of RM29.5 billion, providing the company with sustained growth in the long term.