By BERNAMA
Anwar Syahrin Abdul Ajib
Property developer, UEM Sunrise Bhd has inked a partnership agreement with WCT Holdings Bhd to develop a 246.3-hectare site in Hulu Selangor which has a gross development value of RM3 billion over 10 years.
UEM Sunrise chief executive officer, Anwar Syahrin Abdul Ajib, said under the agreement, the company would acquire 50 per cent of Jubilant Courtyard Sdn Bhd, which is currently fully owned by WCT and owner of the land, for RM215 million.
“Now we want to do a more detailed planning (on the project) to see if we need to make any changes or enhancement. We hope we can launch the project in the fourth quarter of 2017,” he told reporters after signing the agreement today.
He said the project was expected to start contributing about RM300 million per year to the company’s revenue from 2018 onwards.
“We believe that with the combined experience and expertise of UEM Sunrise and WCT, we will be able to create a thriving new township, which is planned to cater mostly for the mid-market segment,” he added.
The project, which consists of 10 parcels of freehold land, marked UEM Sunrise’s fourth development in Selangor after Cyberjaya, Bangi and Shah Alam.
Meanwhile, WCT managing director, Taing Kim Hwa said the company aimed to leverage on UEM Sunrise’s well established brand in the property market as well as its proven expertise to fully unlock the value of the landbank.
“The sealing of our partnership today is a start of a long-term and mutually beneficial relationship between our two groups,” he added.
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