UEM Sunrise acquires three parcels of prime land in Section 13, Petaling Jaya for a mixed commercial development

10 March, KUALA LUMPUR – UEM Sunrise Berhad (“UEM Sunrise” or the “Company”), one of Malaysia’s leading property developers, has acquired three (3) parcels of prime land in Section 13, Petaling Jaya, Selangor on Jalan Professor Khoo Kay Kim.

UEM Sunrise’s wholly-owned subsidiary, UEM Land Berhad, signed a conditional Sale and Purchase Agreement (“SPA”) for the three (3) land parcels measuring 9.93 acres for a total consideration of RM200 million. Dutch Lady Milk Industries Berhad previously owned the land which has been the centre for its factory operations and warehouse facilities.

Preliminary plans for the leasehold parcels will focus on delivering a mixed commercial development that will complement the ongoing redevelopment efforts for the entire Section 13 into a commercial hub. The project is targeted for launch in the next two to three years and is estimated to have a Gross Development Value of RM1.3 billion.

Section 13 of Petaling Jaya is located just minutes from the Damansara-Puchong Expressway, Sprint Expressway-Kerinchi Link, Federal Highway and North Pantai Expressway, all of which will take the residents right into the heart of Kuala Lumpur city centre. Situated within the 10 km radius include world-class healthcare providers such as Columbia Asia Hospital and University Malaya Medical Centre; higher education institutions including Brickfields Asia College, Mahsa University, Universiti Malaya and KDU University College. The land is also easily accessible via public transportation with the Taman Jaya LRT Station located 2.7 km away and an LRT feeder bus that passes by the development every 30 minutes.

This acquisition marks UEM Sunrise’s first project in the affluent Petaling Jaya township, further strengthening the Company’s portfolio in prime and upmarket locales, following its successes in Mont’Kiara, Kuala Lumpur and Iskandar Puteri, Johor; in addition to a new integrated mixed use development, Kiara Bay located next to the Kepong Metropolitan Park in Kuala Lumpur.

“We are excited to continue providing customers high-quality homes in sought-after addresses, given Petaling Jaya’s prime and mature location that is equipped with wide accessibility as well as a good mix of amenities and lifestyle components. It also bodes well with our ongoing efforts to rebalance our portfolio and increase our foothold in the Klang Valley. It has been our growth plans to intensify our focus in key and strategic lands that can be tapped and provide a quick turnaround,” said UEM Sunrise Chief Executive Officer Sufian Abdullah.

“What attracted us most about this land is its location within the Draft Special Area Plan Section 13 Petaling Jaya identified by Majlis Bandaraya Petaling Jaya to redevelop the area into a commercial hub as part of its urban renewal efforts,” he added.

“With the land strategically located in Petaling Jaya, its proximity to the central business districts and the education hub, we want to accommodate first-time homebuyers, young or small families and customers looking for investment opportunities in targeting short or long term tenancies by young professionals and students in the various universities and colleges nearby,” said Sufian.

The Company also purchased an 11.45-acre plot in Taman Pertama, Cheras, Kuala Lumpur last year. Located within the vicinity of the Taman Pertama MRT station of the MRT Sungai Buloh-Kajang Link, the land has been earmarked for a mixed high-rise development comprising approximately 2,400 apartment units. The project has an estimated Gross Development Value of RM1.1 billion and is slated to be launched towards the end of the year.

UEM Sunrise is also on the lookout for strategic acquisitions which can provide the Company with strong sales funnel for the next five years as it takes vital steps to stay ahead when the economy recovers.

With the latest additions, UEM Sunrise’s total landbank stands at 11,092.8 acres, amounting to RM107.9 billion in Gross Development Value.

Source: iProperty