UEM Sunrise cautiously optimistic about real estate demand

KUALA LUMPUR: UEM Sunrise Bhd is cautiously optimistic about the demand for real estate this year due to the growing demand for residential products in the Klang Valley and the ongoing need to serve the mid-range customer market.

  Sufian Abdullah, the chief executive officer of the company, is cognisant of the difficulties and is not anticipating a complete recovery to the pre-pandemic state.

  "We are still positive and have been cognisant of the overall property market demand, but not overexcited, as we are just aware of the challenges and trying to navigate around them while being cautious of the possible shortcomings," he said during the launch of the upgraded mobile app, hUb Prop, yesterday. 

  According to Bernama, Suffian said that the company is engaged in a transformation programme that involves the type and scope of products to be launched, with a longer-term projection that will be revealed soon.

  "Some of the numbers are being refined at the moment, and we are also waiting for the fourth quarter results before we can share them," he explained. 

  UEM Sunrise currently possesses a land bank totaling about 3,237.49 hectares.   

  According to Suffian, the company wants to specifically aim for a land bank year in 2024 so that it can support its expansion in the Klang Valley.

  Last year UEM Sunrise announced its three-phase, robust turnaround plan: Triage, Stabilise and Sustain. Triage takes place from 2022 to 2023, followed by Stabilise (2024 to 2025) and Sustain (2026 and beyond).

  Suffian shared last November that the company's plan involves offloading inventories, non-strategic lands, and non-core assets while improving retail income and occupancy.

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