"We have a serious strategy in identifying new revenue streams. We are now active in looking for land outside Nusajaya, Johor, to supplement our income," he told reporters after the company's annual general meeting here today.
Wan Abdullah said the vision going forward was to make the company less Nusajaya-centric. "In order to be a national player, we must have projects not just in Nusajaya and need to have exposure elsewhere.
"There are discussions currently and we have also received proposals from Penang," he said. The company currently has 3,200 hectares in Nusajaya which are yet to be developed while in Cyberjaya, it has about 39.2ha.
Meanwhile, its chairman, Tan Sri Dr Ahmad Tajuddin Ali, said UEM Land expected this year to be better. Ahmad Tajuddin said the company planned to launch a new project -- Symphony Hills -- in Cyberjaya next month.
"The high-end project will consist of six phases and it has an estimated gross development value (GDV) of RM1.01 billion," he said.
He said the company also planned to launch 480 units of houses in Nusa Bayu project in Johor in September.
"Nusa Bayu is a residential project and will consist of 4,942 houses with a GDV of RM800 million. "The project is targeted at medium- to low-income groups," he said.
UEM Land's pre-tax profit for financial year ended Dec 31, 2009, rose to RM129.582 million from RM75.700 million in the same period of 2008.
Its revenue, however, fell to RM403.085 million from RM511.647 million previously.
By Bernama
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