“It will be challenging in view of the rising costs of doing business, but the group is well positioned to withstand any negative impact brought about by these economic uncertainties,” he said in a press release announcing the group’s results for the financial year ended Dec 31, 2007.
For the first quarter of the year, UM Land will be launching its RM 175 million Suasana Bangsar in Bangsar.
“It consists of a single luxury residential tower housing 190 condo units with sizes from 1,112 to 4,800 sq ft. We are confident of the success of this freehold project based on the high level of interest gathered from the early registrants,” he said.
In the second half of 2008, UM Land’s 310 units of serviced residences in the enclave of Bukit Ceylon will be launched. “Given the attractive location and development potential of this project, it is expected to contribute positively to future earnings of the group,” Yap added. Meanwhile, a third condo project located along Jalan Mayang, off Jalan Yap Kwan Seng is scheduled for launch by the fourth quarter of the year.
Yap also said that the group would remain focused on its two-pronged growth strategy through its township and niche development divisions. It is currently pursuing several land acquisitions and joint venture development opportunities in the Iskandar Development Region (IDR) in line with this strategy.
UM Land is the developer of the integrated townships in Bandar Seri Alam, Seri Austin and Bandar Seri Putra in Johor and Selangor. Its niche projects include Suasana Sentral Loft in KL Sentral and Seri Bukit Ceylon, a freehold, serviced residences development managed by the Ascott International Management Group.
The group recorded a 16% growth in profit after tax of RM46.6 million for FY07, up from FY06’s RM40 million. UM Land is listed on the main board of Bursa Malaysia and its major shareholders include Perangsang Mewah Sdn Bhd, CapitaLand Ltd, Tradewinds Corp Bhd and Chee Tat Holdings Pte Ltd.
By theSun (by Allison Lee)
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