By Sharina Ahmad
UEM Sunrise Bhd will continue to rebalance its land bank portfolio in the financial year 2020 (FY20) by disposing of some RM400 mil to RM500 mil worth of non-strategic land and assets.
Its managing director/CEO Anwar Syahrin Abdul Ajib said the funds will be used to acquire strategically located land or assets.
“The divestment of non-strategic land and assets as well as land portfolio rebalancing remain one of our key strategies.
“There is also a lot of consideration going into our divestments to ensure that there is continuity of the intended purpose of what the asset has been earmarked,” said Anwar Syahrin at its briefing on Feb 25.
“The proceeds will be channeled to new ventures and opportunities which will include to secure new land bank in hotspot areas that include Melbourne, Sydney and London,” he said.
UEM Sunrise has put up for sale its 26.30ha Artisan Hills land in Seri Kembangan in early February.
“Currently we are in talks with potential buyers for the disposal of the Seputeh land. We also had identified other land for sale in the southern region and negotiation has commenced,” he said.
Anwar Syahrin said a parcel of land in Seputeh and the Hyatt House in Mont’ Kiara are among the non-performing land and assets to be disposed of.
According to a news report, the company hopes to fetch about RM270 mil and RM250 mil respectively for Hyatt House and the Seri Kembangan land, while the Seputeh land may be worth about RM25 mil.
Anwar Syahrin also said the company is continuously on the lookout for new ventures and opportunities with local or overseas firms in joint ventures.
For its project in Durban, South Africa, he said the company is looking for potential partners to activate its first development of a residential tower in Durban Point – a 31-acre waterfront masterplan. It targets to launch the project in the second half of this year.
The group also targets to launch projects with a total gross development value (GDV) of RM2 bil this year by focusing on mid-market landed property.
The projects include Aspira Parkhomes which is a new township in Gerbang Nusajaya, Johor and Senadi Hills.
The company has 27 ongoing projects.
The company is expected to deliver four projects this year – Serimbum with a GDV of RM139.6 mil, Aspira LakeHomes phase three (RM25.1 mil), Dahlia phase one (RM108.7 mil) and Eugenia phase one (RM61.1 mil).
The first two projects are located in Iskandar Puteri, Johor and the other two in Serene Heights, Bangi, Selangor.
UEM Sunrise will also be launching Residensi Allevia in Mont’ Kiara and Residensi Equine 9 in Seri Kembangan. – Feb 25, 2020