This article first appeared in The Edge Financial Daily on May 23, 2017

KUALA LUMPUR: UOA Development Bhd will be launching three new projects this year with a combined total gross development value (GDV) of about RM700 million, said its senior manager Yap Kang Beng.

“We are planning to launch three new projects by December, one of which [will be our first venture into] the affordable housing segment which will be located in Selayang,” Yap told reporters after UOA’s annual general meeting yesterday.

The GDV of this project is between RM90 million and RM100 million, Yap said, adding that these affordable units will cost below RM500,000 each.

“We are also developing a commercial centre in Taman Desa, which will consist of two office tower blocks called the Desa Commercial Centre,” he said. The GDV of this project is about RM300 million.

The third project is a new development in Bandar Tun Razak, which will also carry a GDV of some RM300 million.

“We will also be continuing sales of our Sentul Point in Sentul and United Point Residences in Kepong,” Yap added. The group had unbilled sales amounting to RM1.4 billion as of Dec 31, 2016, which Yap said will be recognised over the next four years.

Excluding those that are to be launched this year, Yap said the group currently has seven ongoing projects, which are all located within the Klang Valley. Among them are its Southbank Residence in Old Klang Road, the South View Serviced Apartments in Bangsar South, and Suria@North Kiara in Jalan Ipoh, which the group is expecting construction to be completed by the end of this financial year ending Dec 31, 2017.

“Moving forward, we are still going to focus [on] our developments within Kuala Lumpur, targeting the middle-cost-range residential market, with units priced around RM500,000 each.

“The [property] market sentiment remains soft and we are cautious. However, if we focus on the right locations and price points, [we believe] there will still be demand,” Yap added.