KUALA LUMPUR: UEM Sunrise Bhd's wholly owned subsidiary, UEM Land Bhd has acquired 2.77 hectares (6.86 acres) of prime freehold land adjacent to the Taman Connaught MRT station in Cheras for RM197 million.
UEM Land signed the sale and purchase agreement with Accolade Land Sdn Bhd, the landowner, with preliminary plans of developing 1.8 million sq ft of various types of competitively priced products aimed at young homeowners looking for residences with immediate accessibility into the city centre.
In a statement, it said the development has an estimated total gross development value (GDV) of over RM1 billion and is slated for a two-phase launch, with the first phase kicking off in the second half of 2022.
"The proximity of the land to the Taman Connaught MRT station provides UEM Sunrise an excellent opportunity to explore a transit-oriented development that meets the demands of young urban professionals working in the city and complemented by a lifestyle offering in attractively priced residences," said UEM Sunrise chief executive officer Sufian Abdullah.
The land parcel is directly connected to the Cheras-Kajang Highway, Jalan Cheras and a short drive to the Middle Ring Road 2, all of which would serve to disperse traffic to various parts of the city.
Meanwhile, Sufian also said that as UEM Sunrise continues to aggressively rebalance its land-banking portfolio, the company remained to be on the lookout for land that could provide value to its customers and shareholders while rebuilding its sales funnel in the short to medium term.
With the latest addition, UEM Sunrise's total land bank in the Greater Kuala Lumpur area stands at 178.10 hectares (440.1 acres) amounting to an estimated total of RM29 billion in GDV, providing the company with resilient and sustained growth in the long term.
-- BERNAMA
Bernama
Fri Jun 04 2021
UEM Sunrise Bhd's UEM Land aims at young homeowners looking for residences with immediate accessibility into the city centre. BERNAMApic
Reflections from London: Shaping bilateral ties with a more active UK
Over the past five years, there have been notable developments in the United Kingdom's approach to the Asia-Pacific region.
Meta drops fact checkers in US, what does this mean for the world?
Fact-checking organisations said the move could encourage hate speech online and fuel violence offline.
Trump's inauguration marks new era for cryptocurrency
The crypto industry hopes the incoming Donald Trump administration will mark a shift in policy.
China's Lunar New Year travel rush: World's biggest annual migration
This year's travel rush comes as China extended the official Spring Festival break by one day to eight days.
Experts warn against children snoring during sleep
Some may think that snoring is a common occurrence during sleep and does not require treatment.
Younger workers more likely to suffer burnout as generation gap grows
There's a need to rebuild bridges and open up conversations on changing attitudes and expectations around work, says Brian Dow.
INSIGHT - How bond vigilantes could check Trump's power
As Donald Trump takes office on January 20, concerns over bond vigilantes in the US have resurfaced, according to several market experts.
Trump look-alike sings to sell pudding in Pakistan
A food vendor who locals say bears an uncanny resemblance to US President-elect Donald Trump gets more business and attention than others.
Tokyo museum offers visitors 'flashback' to defunct technology
From Betacam videotapes to floppy disks and vintage Sony devices, the museum is a showcase for old cameras and telecom equipment.
Australian scientists discover bigger species of deadly funnel web spiders
Sscientists say, the "Big Boy" would be classified as a separate species of funnel-web spider.
Biden or Trump can still rescue TikTok; here's how
So how could Trump or Biden prevent TikTok from going dark?
Africa's youth protests: A storm brewing for 2025?
Africa sees a wave of youth-led protests fuelled by frustrations over rampant corruption, poor governance, high living costs, unemployment.
Rocking the cradle: Embracing pregnancy after 40
Age is no longer a barrier for Malaysian women to embrace motherhood, thanks to advancements in fertility treatments.
The big DC mystery: Where will Trump and his circle hang out?
For four years, the bar at Trump International Hotel in downtown Washington was the place to be seen for Donald Trump's circle of allies.
Thai resort island Phuket grapples with growing garbage crisis
By the end of year, the island could be producing up to 1,400 tonnes of trash a day, overwhelming its sole landfill, deputy mayor says.
Analysis - Biden to hand unfinished agenda to Trump for chaotic Mideast
Joe Biden's record on the world stage is likely to be heavily defined by his handling of the 15-month war in Gaza.
Biden administration will not enforce TikTok ban, says White House official
This leaves the incoming Donald Trump administration to make the decision, according to a White House official.
Hamas set to release first hostages under Gaza ceasefire deal, Israel says
If successful, the ceasefire would halt fighting that has razed much of heavily urbanised Gaza, killed over 46,000 people.
Pakistan's Imran Khan handed 14 years jail term in land graft case
Imran Khan's wife Bushra Bibi was also found guilty and sentenced to seven years in prison.
'It starts now': South Korea's President Yoon defiant as police closed in
Yoon Suk-Yeol remains in detention and is refusing to talk to investigators.