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Nikkei Markets

UPDATE: Malaysia's UEM Sunrise Plans MYR1.1 Bln Apartment Project In Australia

By Alexander Winifred
Nikkei Markets
updates with more comments from CEO
KUALA LUMPUR (Jul 21) -- UEM Sunrise, a Malaysian state-controlled property developer, plans to undertake a 158-unit luxury apartment project in Melbourne, with gross development value of 1.1 billion ringgit ($256.41 million), its chief executive said Friday.

The company is aiming for 50% take-up rate for the Melbourne apartment project by year-end, Anwar Syahrin Abdul Ajib told reporters at a news conference in Kuala Lumpur. The company plans to complete the project in the second quarter of 2021.

The company is seeking more land for real estate development in Australia, after successful sales at its first two projects - Aurora Melbourne Central and Conservatory in Melbourne, Australia, he added.

"We are interested in joint venture projects in Australia," Anwar said, adding the company is currently in talks with potential foreign partners for projects.

The Australian projects contributed 23% to the company's property development revenue in the first quarter ended March 2017.

Meanwhile, the company plans to launch 800 million ringgit Malaysian residential project this quarter, he added.

Apart from Malaysia and Australia, the company's projects are located in several other countries including Singapore, Canada and South Africa.
- By Alexander Winifred; Alexander.Winifred@nikkeinewsrise.com; +60320267363
- Edited by Lopamudra Bhattacharya
- Send Feedback to feedback@nikkeinewsrise.com
- Copyright (c) 2017 Nikkei NewsRise Asia Pte Ltd.

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