UEM Land maintains RM3b sales target

by **hlk** Thu 14 Jun 2012, 18:15

UEM Land Holdings Bhd is maintaining its target of RM3 billion sales for this year despite concerns over the Eurozone
crisis as its projects in Nusajaya have the "ingredients" to woo a wider investor base from local and foreign investors from China and the United Kingdom.

Managing Director and Chief Executive Officer Datuk Wan Abdullah Wan Ibrahim said the projects, which contributed 45 per cent to revenue, were attractive to investors due to their new catalyst development to drive growth in the Nusajaya region.

These include retail projects, campuses for research, industrial parks for small and medium enterprises and all types of residential properties, he told reporters after the company's annual general meeting today.

"By the end of the year, a lot of initiatives would be completed and in operations, which will result in a new demand structure for our projects in the region," he said.

The company believed the group would achieve its targeted tipping point in Nusajaya due to positive developments, plus the fact that the majority of the catalyst projects in the integrated urban development are slated to be completed towards year-end.

"I suspect after the tipping point, I won't be surprised that the Nusajaya will actually overtake the central region," he said.

Wan Abdullah also said the company planned to launch new projects in the country with a gross development value of RM4.5 billion in the current financial year.

Outside of Nusajaya, the group has lined up more property launches in Kuala Lumpur, Shah Alam, Kajang and Cyberjaya.

It is also looking to penetrate new markets in and around the country including Penang, Bangi, Desaru and Kota Kinabalu, to further expand its presence and cement its position as one of the nation's top property developers.

On its group performance, UEM Land recorded an impressive financial performance last year with a 261.5 per cent increase in revenue to RM1.703 billion compared with the preceding year while net profit grew by 55.1 per cent to RM301.7 million from RM194.5 million in 2010. -- Bernama