UEM Group Maintains RM2 Billion Property Sales Target

Last update: 24/09/2014KUALA LUMPUR, Sept 24 (Bernama) -- UEM Group Bhd is maintaining its property division UEM Sunrise Bhd's sales target of RM2 billion this year despite only achieving RM560 million sales as of August.

Group managing director and chief executive officer (CEO) Datuk Izzaddin Idris said robust contribution is expected from the property side especially from the Nusajaya and Melbourne, Australia projects.

"Nusajaya will be contributing 60 per cent to the sales, Melbourne 25 per cent and the rest comes from the Klang Valley," he told reporters at a briefing here Wednesday.

Also present were group chief financial officer Taufik Albar and recently appointed heads of UEM Group's operating companies -- Azmir Merican of Faber Group Bhd and Anwar Syahrin Abdul Ajib of UEM Sunrise.

Izzaddin said UEM Sunrise to date has unbilled sales of RM3 billion.

Meanwhile, Anwar Syahrin said despite the emergence of Chinese developers in Nusajaya, the company remains confident with its offerings of landed projects, which target a different market segment.

He said the project in Australia, a 92-storey mixed development with an estimated gross domestic value (GDV) of RM2.63 billion, has great potential due to its strategic location amid high demand for properties in the country.

On the implementation of a new ruling on property ownership for foreigners in Selangor, Anwar Syahrin said it will have minimal effect on the company which is targeting the mid-market segment comprising local buyers.

Effective Sept 1, the state government set a minimum purchase price for foreigners of RM1 million for the Hulu Selangor and Sabak Bernam districts and RM2 million elsewhere.

Apart from its project in Australia, UEM is constructing a 116 km. expressway in Indonesia with a 35-year concession to manage and operate, and a mixed development project in Canada with a launched GDV of RM961 million, while in India it is constructing, managing and operating several highway projects.