UM Land to launch projects with RM500m GDV

KUALA LUMPUR: United Malayan Land Bhd (UMLand) plans to launch more new projects with a total gross development value (GDV) nearing RM500 million in the financial year ending Dec 31, 2011.

Its group chief executive officer Pee Tong Lim said on Wednesday, June 22 these projects from both the township and niche divisions would be within Kuala Lumpur and Iskandar Malaysia. He expected the projects to boost the group's earnings over the next two years.

In November last year, UM Land unveiled its luxurious serviced residences project — Suasana Bukit Ceylon — an exclusive high rise development project comprising 310 service apartments at the fringe of Kuala Lumpur city centre.

He said the project is estimated to derive a GDV of more than RM300 million and targeted to be completed in 2013.

"We are extremely excited with the prospects of this project. To date, Suasana Bukit Ceylon has enjoyed promising take-up rate of close to 60% and we expect this momentum to sustain, if not escalate when it is officially launched tomorrow (Thursday)," he said.

This year, UM Land would be launching the luxurious waterfront boutique apartments with a retail component — [email protected] Harbour — in Nusajaya, Iskandar Malaysia.

[email protected] Harbour is a joint venture with UEM Land Bhd, the master developer of Nusajaya. The GDV of this project is projected to be nearly RM190 million and is set to be launched within the third quarter of this year.

Pee said the development of [email protected] Harbour at the Puteri Harbour integrated waterfront and marina development is well underway.

"As part of the strategy to enhance earnings from this project, the entire retail podium located below the boutique apartments was pre-sold to a unit of Khazanah Holdings Bhd who will operate and manage the entire marina facility retail operations in the precinct which also features an Indoor Theme Park and Traders Hotel by Shangri-La," he said.

"The group has lined up other niche developments which include a prestigious residential and commercial development on a strategic piece of land, a stone's throw away from KLCC Twin Towers and a commercial development in Johor Bahru CBD, directly opposite the City Square," he added.

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