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UEM Sunrise Acquires Key Freehold Land in Kelana Jaya

KUALA LUMPUR, 6 June 2023 – UEM Sunrise Berhad (UEM Sunrise or the Company), under its wholly-owned subsidiary Sunrise Innovations Sdn Bhd, has entered into a Sale and Purchase Agreement with Kwasa Properties Sdn Bhd, a wholly-owned subsidiary of Employees Provident Fund Board (EPF), to acquire approximately 3.7 hectares of freehold land adjacent to the Damansara-Puchong Expressway (LDP), in the prime location of Kelana Jaya at a purchase consideration of RM155 million.

The Company plans to develop a mixed-use development featuring residential and retail components, to be categorised in the NEST Series under UEM Sunrise’s Happy+ product series, a product branding initiative launched in February 2023 offering homebuyers the most ideal homes that cater to their varying lifestyles and life-stage needs. The NEST Series focuses on multigenerational-oriented homes designed with the customers’ extended families in mind.

“We have exciting plans in the works for this upcoming development which will emphasise multi-generational living opportunities. The scheme will be designed to be future-proof, catering for the evolution of the family, offering nurturing and secure environments, complemented by well-designed functional gardens and parks with recreational facilities,” said UEM Sunrise Chief Executive Officer Sufian Abdullah.

He then added, “Strategically located in the mature neighbourhood of SS6 Kelana Jaya, the residents of this new development will have easy access to urban amenities and great connectivity to vibrant commercial centres, including SS6’s retail hubs and Paradigm Mall, located just opposite it.”

The recently acquired land is also situated opposite the Taman Bandaran Kelana Jaya, Petaling Jaya’s largest and one of the most well-known parks in the area. Residents are able to take advantage of the park’s amenities and enjoy the available jogging tracks circling the lakes. Several units of this future residence may also have unobstructed views of the lake-filled park itself.

The development is estimated at a total Gross Development Value (GDV) of RM1.1 billion and is targeted to launch in 2025.

“This latest acquisition is a testament to our ongoing efforts to rebalance our landbanking portfolio and increase our presence in the Central region. We are confident that we can create more value in developing the land for the price we paid for. UEM Sunrise is always looking out for new development opportunities, especially in key conurbation and matured prime locations that deliver value to our customers and shareholders, as means to reinforce our future pipeline for long-term sustainability and growth,” Sufian said.

The disposition of EPF’s prime land to UEM Sunrise is thus aligned with the Company’s strategy to maintain sustainable development as a renowned property developer, proven by its notable track record.

With this latest purchase, UEM Sunrise's total landbank in the Greater Kuala Lumpur area stands at approximately 175 hectares amounting to an estimated total GDV of RM29.5 billion, providing the Company with resilient and sustained growth in the long term.

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^{UEM Sunrise CEO Sufian Abdullah}