Petaling Jaya, Thursday, 16 June 2010: UEM Land Holdings Berhad, at its 3rd Annual General Meeting today, revealed the status of the development progress of its largest landbank – Nusajaya and expressed its optimism for the future with Nusajaya approaching ‘Tipping Point’; and the new enlarged entity, following its acquisition of Sunrise Berhad, which has immediately enabled it to have both scale and expertise for its regional ambitions.
The Company is confident that the momentum of growth achieved in 2010 will pick up in 2011. “We are all set for Nusajaya to achieve its “Tipping Point” in 2012. The various catalytic developments are progressing as planned and several milestones achieved - such as the completion of Ledang Urban Retreat at East Ledang which opened in June 2010, the completion and handing over of Horizon Hills’ ‘The Hills’ to its owners, the commencement of operations of Columbia Asia Hospital, the opening of Nusa Idaman Interchange, the opening of Anjung Neighbourhood strip mall, the launching of Nusa Bayu, the commencement of Bio-XCell Central Hub building works, the construction of Educity Stadium & Sports Complex; are all indicators that our growth momentum is on the right track,” said Dato’ Wan Abdullah Wan Ibrahim, MD and CEO of UEM Land Holdings Berhad.
In 2010, the improved economy and resulting positive investor sentiment enabled UEM Land to perform credibly as it continued to capitalize on Nusajaya’s strategic location and unique selling propositions, while at the same time leveraging on the growth potential of Iskandar Malaysia.
For the Financial Year 2010, the Group achieved total revenue of RM469.7 million and a Profit After Tax and Minority Interest (PATAMI) of RM194.5 million compared with RM407.9 million and RM114.6 million respectively recorded in 2009. The revenue growth was primarily due to increased contribution from Property Development as well as continued strong contribution from Strategic Land Sales.
The higher PATAMI was in line with the higher revenue recorded and better profit margin from on-going projects as well as significant contributions from one-off transactions such as Strategic Land Sales and the gain on disposal of Touch ‘N Go Sdn Bhd, in addition to the improved performance of the Group’s joint ventures and associate companies.
“Several accolades received during the year - Kota Iskandar Phase 1 won FIABCI Malaysia Property Award 2010 for Public sector and East Ledang won the award for Best Development Malaysia (Highly Commended) at the Bloomberg Asia Pacific Residential Property Awards 2010, will further boost the public’s confidence on the value and quality of UEM Land’s products,” he added.
“Whilst Nusajaya remains as UEM Land’s key focus, the Group is actively seeking to diversify its landbank and products as part of its five-year strategic plan, evidenced by the acquisition of lands in Cyberjaya and more recently in Bangi. This ‘diversification’ objective was fast-tracked with the acquisition of Sunrise Berhad, which immediately increased UEM Land’s landbanks in prime areas in Kuala Lumpur, Mont’Kiara, Dutamas and Kajang, and provided us with the expertise and experience in up-market high-rise residential projects. We are delighted that the integration of Sunrise into the Group is progressing well. UEM Land is well on track to move into the next stage of growth.”