UEM Land plans RM4.5b developments

UEM Land Holdings Bhd said it was planning to launch three residential projects worth over RM4.5 billion in phases starting from the end of this year.

The projects are Nusa Bayu, a 103ha mixed-residential development worth RM700 million and a 35-storey residences and 20-storey commercial tower on 1.3ha fronting Puteri Harbour, a waterfront development.

UEM Land managing director and chief executive officer Datuk Wan Abdullah Wan Ibrahim said in an interview with Business Times recently that the estimated gross development value (GDV) for the residences and commercial tower, including two building currently under construction, is RM387.9 million.

Nusa Bayu will offer 4,942 double-storey terraced homes, shophouses, and medium- to low-cost apartments. Some 673 units will be launched this year.
Its most expensive project is Northern Estuary, a 154ha high-end, low density and sustained eco-living residential development worth RM3.5 billion.

The project, an extension of Puteri Harbour, will offer 3,016 garden and seafront villas, semi-detached houses, townhouses and low- and high-rise condos.

It will house a retirement village, a neighbourhood centre, an international school and a clubhouse.

"We have recorded encouraging sales in all our direct development projects, as proven by our average take-up rate of 76 per cent as at June 30 2010," Wan Abdullah said.

Its ongoing residential projects include East Ledang, Horizon Hills, Ledang Heights and Nusa Idaman.

He said Horizon Hills and Nusa Idaman had achieved take-up rate of 75 per cent and 79 per cent, and GDV of RM4 billion and RM790 million, respectively.

Other ongoing developments at Nusajaya, besides the housing projects, are Puteri Harbour, Kota Iskandar, the Southern Industrial and Logistics Clusters (SiLC) and Afiat Healthpark with a combined GDV exceeding RM5.2 billion (land sales only).

"All the projects are progressing well towards achieving 'tipping point' in 2012, when all the necessary ingredients within Nusajaya will be in full force. We have achieved so much in the past few years," he said.

By Business Times