UM Land to launch serviced apartment in Nusajaya

KUALA LUMPUR: United Malayan Land Bhd (UM Land) will launch its high-end serviced apartment and retail properties in Puteri Harbour in Nusajaya, Johor by October.

Its director (operations), Zulkifly Garib, said the 0.8-hectare project would be jointly developed with UEM Land Bhd on 50:50 basis. "The service apartment will have 164 units and the price ranges from RM600 and RM900 psf. The retail component, however, has been sold to a Khazanah Nasional Bhd’s unit for RM44 million," he said after the company's breaking of fast
event on Wednesday August 24.

Zulkifly said UM Land has a landbank of approximately 400ha and 120ha in Johor and Selangor respectively while in Kuala Lumpur it has several parcels with sizes of around two to four ha each.

He said for development in the vicinity of Kuala Lumpur City Centre, the company planned to develop higher-end residential and commercial properties in Jalan Mayang within next two years with its joint venture partner, Bolton Bhd.

Chief executive officer, Pee Tong Lim, said despite the global economic uncertainty, the company was still confident of the property sector outlook in Malaysia.

"We are happy with our achievement as reflected in our 310-unit residential serviced apartments project in Bukit Ceylon, which has over 60 per cent take-up rate," he said. -- Bernama