This article first appeared in The Edge Financial Daily on April 16, 2018
KUALA LUMPUR: UEM Sunrise Bhd has acquired 72 acres (29.14ha) of land near a lake garden in Kepong to undertake a mixed commercial development, with an estimated gross development value (GDV) of RM15 billion.
The property developer said its wholly-owned subsidiary, Sunrise Bhd, has entered into an agreement with Mega Legacy Equity Sdn Bhd to collaborate in developing the land over 15 years.
The group said the development — on the land located adjacent to the Kepong Metropolitan Park (popularly known as Taman Layang-layang) — will include serviced apartments and commercial offerings.
UEM Sunrise managing director and chief executive officer Anwar Syahrin Abdul Ajib said the development is expected to contribute positively to the group’s future earnings and its profile as a reputable community builder.
“This agreement is a demonstration of our ongoing commitment to expand our portfolio in the Klang Valley, where demand for quality products remains consistently strong.
“We intend to replicate the success of Solaris Dutamas and communities of Mont’Kiara,” he added.
UEM Sunrise’s share price eased one sen or 1.06% to 93.5 sen last Friday, with a market capitalisation of RM4.24 billion.