UEM Sunrise to sell non-strategic lands worth RM400-500m this year

KUALA LUMPUR (Feb 25): UEM Sunrise Bhd plans to divest its non-strategic lands worth RM400 million to RM500 million this year.

The real estate property developer has identified several lands to dispose of, including land in Seputeh (Kuala Lumpur), Sri Kembangan (Selangor) and Johor, its managing director and chief executive officer Anwar Syahrin Abdul Ajib told a press conference here.

"Currently we are in talks with potential buyers for the land disposal," he said, adding that the group plans to utilise the proceeds to acquire potential strategically located land or assets.

Last year, the group managed to sell lands for a total of RM429.2 million.

Meanwhile, Anwar Syahrin also said the group is looking to secure new landbanks overseas, especially in hotspot areas, including Melbourne, Sydney and London.

UEM Sunrise is targeting property sales and new property launches with a combined gross development value of RM2 billion for this financial year ending Dec 31, 2020 (FY20).

At the noon break, UEM Sunrise was 1.5 sen or 2.44% higher at 63 sen, with 966,00 shares done, bringing a market capitalisation of RM2.84 billion.