UOA Dev looking for new landbank in Klang Valley

KUALA LUMPUR: UOA Development Bhd (UOA Dev)
is “always on the lookout” for potential new landbank, but it does not
have any plans in the short-term to expand outside the Klang Valley,
according to general manager Eugene Lee.
“We
go over landbanking opportunities on a daily basis. In the past year we
have bought land in Segambut, Sentul and Kepong,” he told reporters
after the company's AGM.
The boutique office and niche property
developer has not ruled out adding into its portfolio locations further
out of the Klang Valley, such as Rawang.
“However, the land that appeals to us at this juncture is closer to the city,” Lee said.
For
the second half of the year the company aimed to put on sale some
RM1.5bil worth of properties, including residences in Taman Desa,
Segambut and Bangsar South.
It had earlier targeted launches totalling RM3.7bil for 2013, much of which was rolled out in the first quarter.
UOA
Dev would be launching its Southview serviced apartments in Bangsar
South by the third quarter, as well as the third block of the Desa Green
project and the second block of its Scenaria condominium.
Lee noted that the firm's total sales this year would depend on market demand and the timing of launches.
UOA
Dev chalked up RM929mil in sales during its first quarter ended March
31, 2013, more than twice the RM443mil recorded previously.
The
company attributed this to brisk sales of its offices and residences in
KL city centre, Taman Desa, Segambut, Subang and Bangsar South.
This was on the back of a 191% and 158% increase in its net profit and revenue to RM119.1mil and RM381.7mil, respectively.
Its
unbilled sales as at end-March stood at RM1.1bil. It had RM687.8mil in
cash and near cash against short and long-term borrowings of RM18.64mil.
Meanwhile,
Lee said that only a handful of units were left unsold at its Park
Residences in Bangsar South, UOA Dev's flagship 24.28ha, RM10bil gross
development value integrated development on the former Kampung Kerinchi
squatter colony.
On concerns of an oversupply of office space in
the capital, he said: “I can't speak for other developers, but in
Bangsar South we have sold almost all our office blocks and have less
than 3,000 sq ft to let. It depends on your location. An oversupply has
been talked about for the past seven years.”
UOA Dev closed six sen lower to RM2.64, with 1.02 million shares traded.