UEM Sunrise Bhd will turn a 1.07ha site that currently houses the Malay College Old Boys Association (MCOBA) building in Jalan Syed Putra, here, into a mixed development with gross development value of more than RM750 million .
In return, MCOBA will get a new building and a banquet hall with a capacity for 1,200 people.
UEM Sunrise plans to develop two blocks of serviced apartments together with other supporting facilities on the land.
“The total initial estimated GDV for the project is in excess of RM750 million,” it said yesterday.
Its wholly-owned Sunrise Innovation Sdn Bhd yesterday inked a development agreement with MCOBA to undertake the project.
UEM Sunrise managing director and chief executive officer Anwar Syahrin Abdul Ajib said the project would not only help expand its existing property portfolio in the central region, but was also an opportunity for the company to leverage on the next property market upcycle.
“Seputeh is a mature residential neighbourhood, connected to Kuala Lumpur City Centre and other urban areas through Jalan Syed Putra. The MCOBA land’s strategic location would appeal to city dwellers due to its proximity to amenities and commercial hubs such as Mid Valley City and KL Sentral.
“Being centrally located and with easy access to surrounding hotspots, the development will become a new landmark for the locality,” he said in a statement.
Targeting mostly owner occupiers, especially families, and upgraders from the surrounding areas, the unit sizes will range from 1,100 to 1,500 sq ft.
MCOBA president Tunku Datuk Ahmad Burhanuddin Tunku Adnan said the signing marked an important milestone that would unlock the value of its asset and generate sustainable income for the association.
“This development is for our future as we continue our tradition and commitment to be part of the stakeholder support system to produce Malaysia’s leaders and captains of industries,” he said.
UEM Sunrise closed one sen lower to RM1.17 with 9.7 million shares traded yesterday.