by HARIZAH KAMEL
UEM Sunrise Bhd 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 Bhd, signed a sale and purchase agreement with Accolade Land Sdn Bhd with preliminary plans of developing 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 (GDV) of over RM1 billion and is slated for a two-phase launch, with the first phase kicking off in the second half of 2022 (2H22).
“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 CEO Sufian Abdullah.
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 Pantai Hospital Cheras, Hospital Canselor Tuanku Muhriz UKM and UCSI University.
The Taman Connaught landmarks UEM Sunrise’s second major acquisition of the year, a testament to the company’s commitment in rebalancing its land banking portfolio in the Central region.
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 GDV, providing sustained growth for the company in the long term.