UEM Sunrise gains 1.04% on stronger take-up for latest condo project

KUALA LUMPUR (Aug 6): Shares of UEM Sunrise Bhd (UEMS) rose 1.04% in early trade today after the company said it is seeing stronger-than-expected take-up rate for its latest condominium offering, the Residensi Sefina Mont’Kiara, which carries a GDV of RM307 million, and expects the project to be fully sold out by early next year.

At 9.17am, UEMS rose one sen to 97 sen  with 154,800 shares done.

The group’s acting chief marketing officer, Zadil Hanief Mohamad Zaidi yesterday said the project, comprising 245 residential units with built-ups between 1,333 sq ft and 1,771 sq ft in a 35-storey tower, has recorded a take-up rate of almost 60% since its unveiling.

This exceeded its targeted takeup rate of 40% for 2015, Zadil told reporters today, after launching the project.

Although the response has been encouraging, Zadil said there are still challenges in terms of converting bookings into sales, in view of the tighter lending policies.

Meanwhile, despite the dampened sentiment on the property segment, Zadil said the demand for properties is still high, based on the group’s previous launches this year.

Zadil also said the weakening ringgit has not had any significant impact on its overseas operations.