KUALA LUMPUR: UEM Sunrise Bhd intends to make its mark in the Klang Valley via a partnership with WCT Holdings Bhd to develop an integrated, mixed-use project with a gross development value of RM3 billion over 10 years.
UEM Sunrise managing director and chief executive officer Anwar Syahrin Abdul Ajib said the project was expected to be fully completed 10 years after its launch in the fourth quarter of 2017.
“We expect the project to contribute to our profit and revenue starting from financial year 2018.”
The project involves the development of 10 parcels of freehold land measuring 246ha in Hulu Selangor.
Under the collaboration, UEM Sunrise will buy 50 per cent of WCT’s wholly-owned subsidiary, Jubilant Courtyard Sdn Bhd, through a conditional subscription and shareholders agreement amounting to RM215 million.
Anwar said the bulk of UEM Sunrise’s profit and revenue was still derived from its projects in Nusajaya, Johor as the firm was the master developer of the five flagship zones in Iskandar Malaysia.
“We have some 5,260ha of landbank across Malaysia, with a bigger chunk of our revenue coming from Nusajaya. Over time, we would like to break this to 50:50, as in 50 per cent from Nusajaya and the remaining from other projects.”
UEM Sunrise has projects in Bangi, Mont Kiara, Kuala Lumpur City Centre, Shah Alam and Seremban. Internationally, its presence extends to Canada, Australia, Singapore and South Africa.
Meanwhile, WCT managing director Taing Kim Hwa said the outlook on Klang property was positive as the area was set to become a transport hub.
“We have seen good land value appreciation in Klang and we expect this to continue. We have parcels of land that we haven’t developed yet. We intend to hold on to this for future development,” he said.