UEM Sunrise acquires freehold land in Cheras for RM197 mln

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