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UEM Sunrise still on track to meet RM2b sales target

KUALA LUMPUR: UEM Sunrise Bhd, the property development arm of UEM Group, remains confident of meeting its RM2 billion sales target for 2014, after receiving a good initial response to its first venture in Australia.

“It (achieving 2014’s sales target) should be OK. We still have one more month to go for the year,” UEM Sunrise newly-appointed managing director and chief executive officer Anwar Syahrin Abdul Ajib told a press conference on the Australian development dubbed “Aurora Melbourne Central” yesterday.

Anwar Syahrin said Aurora Melbourne Central has helped the firm rake in an estimated RM1.1 billion in sales, although the exact figure has yet to be determined.

There was concern earlier that the 66.1%-owned subsidiary of Khazanah Nasional Bhd would not meet its sales target for the year after registering about RM560 million as at end-August 2014. UEM Sunrise saw 95% of the 941 residential units in the 92-storey skyscraper in Melbourne’s central business district taken up over two weeks in a worldwide preview launch.

Anwar Syahrin said what made Aurora Melbourne Central appealing were factors such as record low interest rates, attractive yields and the favourable exchange rate against the Australian dollar. Nevertheless, he said UEM Sunrise will not be resting on its laurels as it will continue to actively look for opportunities in Australia and does not rule out working with other property developers for future development projects there.

Construction on Aurora Melbourne Central is targeted to start in the second quarter of 2015 (2Q15) and due to be completed in 2019. UEM Sunrise will also be launching a new development in Melbourne in 2Q15.

 

This article first appeared in The Edge Financial Daily, on November 25, 2014.

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