UEM Sunrise’s Asian Trade Centre shelved for ‘commercial reasons’

KUALA LUMPUR (May 27): UEM Sunrise Bhd is shelving its Asian Trade Centre retail project in Gerbang Nusajaya, Johor, for commercial reasons, said the developer.

It was reported late last year that UEM Sunrise was seeking approvals for the project.

“The decision made by the company not to proceed with the Asian Trade Centre project in Gerbang Nusajaya was purely based on commercial reasons after considering the operating licence and working visa requirements necessary to make it viable,” it said in a statement today.

“UEM Sunrise has been instrumental in developing the growing retail offerings in Nusajaya and is committed to introducing further retail propositions through our integrated developments.”

The group, which is the master developer of Nusajaya – one of five flagship zones in Iskandar Malaysia – said it was also committed to building sustainable communities and that retail is an important part of its long-term strategy for the zone.

“Gerbang Nusajaya, the second phase development of Nusajaya, is a 4,551-acre project that is on course to become the commercial and business engine for Nusajaya,” it said.

The developer noted that Nusajaya Tech Park is “progressing well” after its groundbreaking ceremony last year, while other major projects that are still coming up include FASTrack Iskandar, Signature Residences and Gerbang Nusantara.

FASTrack Iskandar is an integrated automotive hub that will also feature retail and lifestyle elements such as car showrooms, entertainment and F&B outlets, bonded garages and warehouses, a 4.5km test track and a 1.5km go-kart track.

The project is being jointly developed by UEM Sunrise and Singapore-based FASTrack Autosports (Iskandar) Pte Ltd.

Meanwhile, the developer’s other ongoing retail developments in Nusajaya are a retail boulevard in its Almãs mixed-use development in Puteri Harbour, and phase two of its Mall of Medini project near Legoland. 

Related story:
UEM Sunrise cancels mega project in Iskandar region