UEM Sunrise buys Cheras prime land, plans project with GDV of RM1bil

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KUALA LUMPUR: UEM Sunrise Bhd has acquired 6.86 acres of prime freehold land adjacent to the Taman Connaught MRT station in Cheras for RM197mil and plans a transit-oriented development with a gross development value of RM1bil.

UEM Sunrise, one of Malaysia’s leading property developers, UEM Land Bhd, had on Friday signed a sale and purchase agreement with the landowner Accolade Land Sdn Bhd.

It said the preliminary plans are to develop 1.8 million sq ft 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 RM1bil and is slated for a two-phase launch, with the first phase kicking off in the second half of 2022, ” it said.

UEM Sunrise chief executive officer Sufian Abdullah said:

“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.”

UEM Sunrise said 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.

It said the development will benefit from various amenities within a five-km radius, including world-class healthcare providers such as the Pantai Hospital Cheras and Hospital Canselor Tuanku Muhriz UKM and UCSI University.

It said with the readily available public transportation infrastructure and services as well as the wide array of facilities and amenities, Cheras is fast becoming one the most searched areas to rent amongst house hunters and investors.

The Taman Connaught land marks UEM Sunrise’s second major acquisition of the year, a testament to the company’s commitment in 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.

Sufian said 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 a 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 is about 440.1 acres amounting to an estimated total of RM29bil in GDV providing the company with resilient and sustained growth in the long term.

From left to right: Chew Gaik King, Director and Ta Wee Dher, senior management of Accolade Land Sdn Bhd; Kenny Wong, chief marketing officer and Fahmi Zakaria, head of strategic land banking, UEM Sunrise in a symbolic photo collage to commemorate the acquisition of 6.86 acres of prime freehold land next to the Taman Connaught MRT station in Cheras for a total consideration of RM197mil. The photo was taken before the Movement Control Order’s lockdown.

The subject land purchased by UEM Sunrise is within walking distance to the Taman Connaught MRT station in Cheras. It is located next to the Cheras-Kajang Highway and a short drive to the Middle Ring Road 2. The development will benefit from proximity to various amenities in the surrounding area as well as immediate accessibility to the city centre.



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