UM Land hopes to roll out two new projects with GDV of over RM600 mil

KUALA LUMPUR: United Malayan Land Bhd (UM Land) hopes to roll out two new projects with a total gross development value (GDV) exceeding RM600 million (in Kuala Lumpur and Iskandar Malaysia, Johor) this year.

In a statement on March 1, its group chief executive Pee Tong Lim said the developer would remain focused on its two-pronged growth strategy through its township division and niche development division.

UM Land intends to launch a 310-unit serviced residences project in Bukit Ceylon, Kuala Lumpur, in 2H2010. Another project to be launched during this period is a joint-venture boutique apartment development at Puteri Harbour, Nusajaya with UEM Land Holdings Bhd, Pee added.

For its financial year ended Dec 31, 2009 (FY2009), UM Land has gone into the black with RM54.8 million net profit, on the back of RM208.5 million revenue.

It declared a final gross dividend of 5 sen per share, subjected to shareholders’ approval. This final dividend, together with two interim dividend payments of 2.5 sen per share each, will bring the total gross dividend in FY2009 to 10 sen per share.

“The strong performance was attributed to increased profit contributions from its niche project, Suasana Bangsar, coupled with several strategic land sales in Bandar Seri Alam, Iskandar Malaysia. We registered encouraging sales of up to 90% of the condominium units at Suasana Bangsar,” Pee said.

UM Land disposed of land parcels to the Masterskill Education Group and Universiti Teknologi MARA (UiTM) last year, in line with its Bandar Seri Alam Township’s vision of establishing itself as the Education Hub in the Eastern Corridor of Iskandar Malaysia.

Suasana Bangsar is an exclusive and luxurious condominium project in Bangsar comprising 190 units of condominiums, which offers a choice of 2-, 3- and 4-bedroom suites with sizes ranging from 1,112 to 4,800 sq ft. The freehold property has an estimated GDV of RM198 million. The project is expected to be handed over to purchasers in 2H2010.

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