KUALA LUMPUR, March 10 — UEM Sunrise Bhd plans to launch in the next two to three years, a mixed commercial development that is estimated to have a Gross Development Value (GDV) of RM1.3 billion.

To this end, UEM Sunrise’s wholly-owned subsidiary, UEM Land Bhd has acquired three parcels of prime land in Petaling Jaya for a total consideration of RM200 million.

UEM Sunrise in a statement today, said the three land parcels measuring 9.93 acres (4.02 hectares) are located at Jalan Professor Khoo Kay Kim, Section 13 and previously owned by Dutch Lady Milk Industries Bhd.

Its chief executive officer Sufian Abdullah said the project bodes well with the company’s ongoing efforts to rebalance its portfolio and increase foothold in Klang Valley.

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“It has been our growth plans to intensify our focus in key and strategic lands that can be tapped and provide a quick turnaround,” he added.

The acquisition marked 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.

The company also purchased an 11.45-acre (4.63 hectares) plot in Taman Pertama, Cheras, Kuala Lumpur last year and has earmarked the land for a mixed high-rise development comprising about 2,400 apartment units.

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The project has an estimated GDV of RM1.1 billion and is slated to be launched towards the end of the year.

UEM Sunrise is also on the lookout for strategic acquisitions which can provide the company with a strong sales funnel for the next five years while it takes vital steps to stay ahead as the economy recovers.

Its total landbank stands at 11,092.8 acres (4,489 hectares), amounting to RM107.9 billion in GDV. — Bernama