UEM Land managing director Datuk Wan Abdullah Wan Ibrahim said the company would form joint ventures as well as look for strategic investors to develop the land.
“We are not looking to sell land,” he said. “We want to generate more recurring income. Gerbang Nusajaya will not just generate income, but also create employment. We will have activity malls, campus offices, trade centres and residential development, among others.”
He also said some RM4.5bil of development projects would come onstream this year and that UEM Land had a target to complete RM3bil worth of sales. Last year, it completed RM2.2bil worth of sales.
Over the next few weeks, UEM Land will be launching its CS-2 apartments in Nusajaya, which Abdullah said would be priced attractively.
He said UEM Land had some RM900mil in cash and a gearing level of about 0.24 times, which gave it a comfortable war chest to acquire more land.
Abdullah said 2012 was its tipping point', and that he would not be surprised if revenue from Nusajaya overtook that from its subsidiary Sunrise Bhd. For 2011, Nusajaya's revenue contribution was 46% versus Sunrise' 54%. In terms of net profit contribution, they were almost evenly matched.
By The Star
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