UOA Development gets SC nod to list

KUALA LUMPUR: UOA Development Bhd expects to list its entire enlarged issued and paid-up share capital on the Main Market of Bursa Malaysia in June this year after getting the nod from the Securities Commission.

In a statement Thursday, April 28, its managing director and co-founder Kong Chong Soon said the move to list was in line with its objectives of strengthening its balance sheet, raising its group profile as well as moving towards expanding UOA Development’s business in Malaysia.

Kong said that as at Dec 31, 2010, the company had a total saleable and lettable area of more than 300,000 sq m of properties under development with an estimated gross development value of RM2 billion to be completed over the next three years.

“The Company has a further total potential saleable and lettable area of more than 1.2 million sq m being held for future development projects with an estimated gross development value in excess of RM8 billion.

“With these statistics, we endeavour to continue to build towards excellence and the needs of the local community in our current developments,” said Kong.

UOA Development through its subsidiaries and associated company is involved in property development, CONSTRUCTION [] and property investment. Its projects are in matured and prime locations, centralised within the Klang Valley.

UOA Development’s flagship development project is in Bangsar South.

The development of Bangsar South commenced in 2007 and various phases have since been completed, namely “The Village”, “The Horizon Phase I” and “The Park Residences Phase I” in 2007, 2009 and 2010, respectively.

Meanwhile, UOA Development’s chief operating officer for the development division David Khor Soo Beng said in 2010, the commercial development of Bangsar South, comprising “The Horizon”, “The Vertical” and “The Sphere”, was designated as a MSC Malaysia Cybercentre by Multimedia Development Corporation Sdn Bhd.

“Our Bangsar South City is one of nine designated centres around the KL and Selangor region to be an MSC Status Centre.

“This is an achievement in itself as it shows that Bangsar South City has the capabilities and mandate to serve as a location where MSC Malaysia Status companies can grow and receive the full benefits of the 10-points stated in the MSC Malaysia Bill of Guarantee.”

Kong said the listing of UOA Development would enhance its profile as one of the leading players and allow it to access the Malaysian capital markets and facilitate financial flexibility to pursue business expansion opportunities.

“This listing also represents our clear strategic intent for the future,” said Kong.