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UEM Land sets to launch more projects in 2010

Posted by georgechai on June 22, 2011
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UEM Land Holdings Bhd had lined up several projects to be launched in 2010 particularly around Nusajaya (Johor) and Klang Valley. According to Managing Director and Chief Executive Officer Wan Abdullah Wan Ibrahim, the group aims to develop more projects in Johor and gain more deals and agreements in Selangor and Kuala Lumpur.

He added that the projects up in-line include affordable, reasonable, medium and high-end properties. Hence, Wan Abdullah is confident with UEM Land’s business forecasts in the upcoming year.

Even though UEM Land sustained losses for the first quarter of 2009, the sales increased and improved by second and third quarter. Judging by the improvements made since Q2, it seems that the group is on the right track and is optimistic that the projects scheduled next year would help improve the company’s performance.

The group signed a deal with an education services provider, REAL Education Group Sdn Bhd for the purchase of a plot of land ready to be developed into a kindergarten located in Nusajaya.

REAL’s chief executive officer Sim Quan Seng commented that the project to develop the kindergarten may cost as much as RM4 million including the purchase of the land. The kindergarten situated in East Ledang with a gross development value of RM1.4 billion would be developed in seven phases.

Nusajaya with public spaces of 9,550 ha is set to become one of the most prestigious integrated urban developments in South-East Asia. Currently, UEM Land is still negotiating with other interested parties to start the project in Nusajaya.

Wan Abdullah said the group is constantly seeking strategic partners because considering the size of Nusajaya, it is almost impossible for UEM to develop the project solely on their own without collaboration with other companies. Thus, it is best to adopt a joint-venture basis with other potential parties.

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