KUALA LUMPUR (Feb 27): Property developer UEM Sunrise Bhd is set to launch projects worth RM1 billion in gross development value (GDV) this year, with plans for a new township similar to its Mont Kiara development to be located somewhere in the central region.

Managing director and chief executive officer Anwar Syahrin Abdul Ajib said the group is looking to develop the next Mont Kiara, but at more affordable prices.

The RM12 billion GDV project, which will take about 15 years to complete, will be a mixed development comprising residential, office and retail components. The first component of the project could potentially be launched within this year, with an estimated GDV of RM205 million.

"We want to be able to give people the lifestyle and quality of Mont Kiara at a more affordable range, so we are leveraging on what we have learned in developing Mont Kiara for the new township," he told a media conference to update on the group's financial results for 2017 today.

Anwar said the products to be offered will be priced between RM500,000 and RM1 million per unit.

"That's a big range, but we believe that is the affordable range for KL-ites. Either way, we need to be very careful with the products that we bring into the market," he added.

Anwar declined to elaborate, but that the development will be done on a big plot of land somewhere in the central region, featuring a core development that will bind the project together.

For the fourth quarter ended Dec 31, 2017 (4QFY17), UEM Sunrise saw net profit fall 29% to RM37.66 million from RM53.29 million a year ago, amid higher expenses and taxes, as well as lower contribution from associates and joint ventures.

Revenue for the quarter under review increased to RM748.12 million from RM624.66 million.

The group also proposed a final dividend of one sen per share for FY17, subject to the shareholders' approval at its forthcoming annual general meeting.

For full FY17, the group's net profit surged 90% to RM280.1 million from RM147.3 million the previous year, while revenue rose 58% to a record RM2.9 billion — the highest since its listing in 2008 — compared with RM1.84 billion in FY16.

The improved performance was mainly supported by strong contributions from its Aurora Melbourne Central, Residensi22 Mont'Kiara and Conservatory projects. Its financials were also boosted by the disposal of its land in Canada and several pockets of land in Iskandar Puteri.

UEM Sunrise shares closed up one sen or 0.89% at RM1.13 today, with 671,100 shares done, bringing a market capitalisation of RM5.13 billion.