UEM Sunrise Berhad has acquired three (3) parcels of prime land in Section 13, Petaling Jaya, Selangor on Jalan Professor Khoo Kay Kim and will focus on delivering a mixed commercial development that will complement the ongoing redevelopment efforts for the entire Section 13 into a commercial hub.
The project is targeted for launch in the next two to three years and is estimated to have a Gross Development Value of RM1.3 billion.
UEM Sunrise’s wholly-owned subsidiary, UEM Land Berhad, signed a conditional Sale and Purchase Agreement (“SPA”) for the three (3) leasehold land parcels measuring 9.93 acres for a total consideration of RM200 million.
Dutch Lady Milk Industries Berhad previously owned the land which has been the centre for its factory operations and warehouse facilities.
This acquisition marks UEM Sunrise’s first project in the affluent Petaling Jaya township, further strengthening the Company’s portfolio in prime and upmarket locales, following its successes in Mont’Kiara, Kuala Lumpur and Iskandar Puteri, Johor; in addition to a new integrated mixed use development, Kiara Bay located next to the Kepong Metropolitan Park in Kuala Lumpur.
“We are excited to continue providing customers high-quality homes in sought-after addresses, given Petaling Jaya’s prime and mature location that is equipped with wide accessibility as well as a good mix of amenities and lifestyle components.
It also bodes well with our ongoing efforts to rebalance our portfolio and increase our foothold in the Klang Valley. It has been our growth plans to intensify our focus in key and strategic lands that can be tapped and provide a quick turnaround,” said UEM Sunrise Chief Executive Officer Sufian Abdullah.
“What attracted us most about this land is its location within the Draft Special Area Plan Section 13 Petaling Jaya identified by Majlis Bandaraya Petaling Jaya to redevelop the area into a commercial hub as part of its urban renewal efforts,” he added.
“With the land strategically located in Petaling Jaya, its proximity to the central business districts and the education hub, we want to accommodate first-time homebuyers, young or small families and customers looking for investment opportunities in targeting short or long term tenancies by young professionals and students in the various universities and colleges nearby,” said Sufian.