UDA Holdings eyes more land acquisition

Property developer UDA Holdings Bhd is actively looking to increase its landbank which currently stands at an estimated 404 hectares (ha).

Group managing director, Datuk Ahmad Abu Bakar said the group planned to acquire more land for development as the property market was expected to recover from the recent slowdown due to the uncertainty in the local and global economy.

"We have just recently acquired some 202ha of land the bulk of which are in the central region as we prepare for a slightly improved property market next year," he told reporters here today.

Earlier, UDA Holdings chairman Datuk Dr Mohd Shafei Abdullah launched the two-day U4RIA property carnival in Bertam, offering a variety of products throughout the country.

Ahmad said despite the slowdown in the property market, the group still managed to achieve close to RM500 million in sales revenue this year from all its project nationwide.

"We are setting a higher sales target of RM1 billion this year and now we have reached about 60 percent of that, but it will be another milestone if we manage to hit the target by year-end," he said.

The group's unbilled sales had reached RM500 million, he added.

However, Mohd Shafei said the outlook for the property market was positive and the group expected it to improve slightly next year compared with 2016.

He said UDA sees the current economic situation as an opportunity to prepare for future growth.

"The group remains positive on the property market as we prepare a variety of products for launch next year. In order to meet customer expectations, we have to keep abreast of the latest development by being creative and innovative in producing quality products," he said.