KUALA LUMPUR: UEM Group Bhd plans to set up a new entity for its affordable housing project by year-end as the company has identified a few locations near public transportation areas solely for the development of such property.
UEM Group's group managing director and chief executive, Datuk Izzaddin Idris said the new entity will focus on affordable homes development while UEM Group's property arm, UEM Sunrise Bhd will continue to focus on the development of high-end residential properties.
"We are also looking at introducing new building systems (for the development of affordable homes) that would require us to be less dependent on labour," he told reporters at a press conference after the celebration of UEM Group's 50th anniversary today.
Meanwhile, Izzaddin also said an announcement regarding the tender on the RM27 billion Pan-Borneo Highway will be made soon though he declined to elaborate further on the details.
UEM Group has partnered with MMC Corp Bhd and a local Sabahan company to undertake the Sabah stretch of the Pan-Borneo Highway project.