UEM Sunrise Berhad (“UEM Sunrise” or the “Company”), one of Malaysia’s leading property developers, has acquired 6.86 acres of prime freehold land adjacent to the Taman Connaught MRT station in Cheras for a total consideration of RM197 million.
UEM Sunrise via its wholly-owned subsidiary, UEM Land Berhad, signed a Sale and Purchase Agreement with Accolade Land Sdn Bhd, the landowner, with preliminary plans of developing 1.8 million sqft of various types of competitively priced products aimed at young homeowners looking for residences with immediate accessibility into the city centre.
The development has an estimated total Gross Development Value of over RM1 billion and is slated for a two-phase launch, with the first phase kicking off in the second half of 2022.
“The proximity of the land to the Taman Connaught MRT station provides UEM Sunrise an excellent opportunity to explore a Transit-Oriented Development that meets the demands of young urban professionals working in the city and complemented by a lifestyle offering in attractively priced residences,” said UEM Sunrise Chief Executive Officer Sufian Abdullah.
Cheras continues to be one of the highly sought-after areas to live with its easy accessibility and connectivity via six MRT stations. The Taman Connaught MRT station is just six stops away from the Tun Razak Exchange, which will house several financial services companies, integrated retail and 45,000 workers.
The land parcel is directly connected to the Cheras-Kajang Highway, Jalan Cheras and a short drive to the Middle Ring Road 2, all of which will serve to disperse traffic to various parts of the city. The development will benefit from various amenities within a 5km radius, including world-class healthcare providers such as the Pantai Hospital Cheras and Hospital Canselor Tuanku Muhriz UKM (formerly known as Universiti Kebangsaan Malaysia Medical Centre); and UCSI University, a leading higher education institution with a 12,000-strong student body.
With the readily available public transportation infrastructure and services as well as the wide array of facilities and amenities, Cheras is fast becoming one of the most searched areas to rent amongst house hunters and investors.
The purchase of the Taman Connaught land marks UEM Sunrise’s second major acquisition of the year, a testament to the Company’s commitment to rebalancing its landbanking portfolio in the Central Region. The 6.86-acre parcel, like the previous acquisitions in Section 13, Petaling Jaya and Taman Pertama, Cheras, is aligned with UEM Sunrise’s ongoing efforts in intensifying its focus in acquiring strategic lands with fast turnaround time in matured prime locations and solid speed to market.
“This Transit-Oriented Development nature of the project will provide us with the opportunity to develop a unique product combining its accessibility and integration with the public transportation system, with the demands of post-pandemic living space such as provisions for the low-touch economy and more open recreational facilities, at an affordable price tag.
“As UEM Sunrise continues to aggressively rebalance its landbanking portfolio, we remain to be on the lookout for lands that can provide value to our customers and shareholders while rebuilding our sales funnel in the short to medium term,” said Sufian.
With the latest addition, UEM Sunrise’s total landbank in the Greater Kuala Lumpur area stands at approximately 440.1 acres amounting to an estimated total of RM29 billion in Gross Development Value, providing the Company with resilient and sustained growth in the long term.