by RAHIMI YUNUS / pic by ISMAIL CHE RUS
UEM Sunrise Bhd has revised its property sales figures for the first quarter ended March 31 this year (1Q18) from RM434.3 million to RM354.1 million due to changes to the Mayfair development in Melbourne, Australia.
The property developer announced on May 22, 2018, a different set of figures, but the numbers were corrected after the discovery that certain units sold — which were classified as confirmed reservations and subsequently recognised as sales — were re-recorded as new sales when contracted in the current quarter.
The company said the drop in figures does not have an impact on the group for the financial year 2018 as the sales of Mayfair will only be recognised as revenue upon the project’s completion and settlement, tentatively in 2022.
To date, UEM Sunrise registered sales of RM538.6 million and that has exceeded the sales figures announced on May 22. For 1Q18, the property developer reported higher earnings on lower operating costs, and higher net contribution from associates and joint ventures cushioned the fall in the company’s revenue.
In a previous Bursa Malaysia filing, UEM Sunrise saw its net profit increasing by 8.5% year-on-year (YoY) to RM25.29 million in 1Q18, despite its turnover declining 31.5% YoY to RM287.74 million in the same period.
Mayfair — UEM Sunrise’s latest launch, located on St Kilda road — offers an ultra-luxurious living apartment with an emphasis on bespoke experience.
The project, which has a gross development value of RM1.1 billion, is expected to be completed by 2Q21.
Mayfair is the company’s third project in Melbourne after Aurora Melbourne Central and Conservatory.