Kuala Lumpur, 1 October 2009 ---Shareholders of United Malayan Land Bhd (UMLand or UMLand Group) have today at its Extraordinary General Meeting (EGM) approved the purchase of a 629.25-acre (254.5 ha) parcel of freehold land in Bandar Pulai Jaya, Johor for a total cash consideration of RM233.0 million, payable under a deferred payment arrangement over a two-year period. The land is for a proposed mix development comprising industrial and technology parks, commercial, logistics and transportation hubs as well as supporting residential components.
At the same meeting, shareholders also approved UMLand’s proposal to jointly develop the land with Tradewinds Johor Sdn Bhd (Tradewinds) via a 51:49 joint venture company, Extreme Consolidated Sdn Bhd, held by UMLand and Tradewinds respectively. UMLand will be taking the lead in this proposed development.
The proposed development is estimated to take five years from the completion of the proposed acquisition with a gross development value of RM718 million.
“The acquisition of the land is in line with UMLand Group’s business plan to invest in niche developments on a joint venture basis with strategic partners to serve as a growth catalyst and providing the Group with future income stream. This proposed development will also complement and enhance contributions from existing townships and niche developments. With the continuous effort and support of the Government to propel Iskandar Malaysia as the ideal investment hub in the southern region, Iskandar Malaysia offers vast opportunities for growth and expansion”, said Mr Pee Tong Lim, the Group’s Chief Executive Officer.
“Given the land’s strategic location at the intersection of the North-South Highway and the Second Link Highway, coupled with its easy access from main transportation hubs such as the Senai International Airport, Port of Tanjung Pelepas and Singapore Tuas Checkpoint, the commercial and industrial development potential of the land is further enhanced. It is also surrounded by other technology parks such as Johor Technology Park, Skudai and Senai Hi-Tech Park. This planned development is expected to generate profits of about RM262 million over a period of five years”, Mr Pee added.
UMLand’s other ongoing developments within Iskandar Malaysia include Bandar Seri Alam, a township exceeding 3,700 acres and Taman Seri Austin, a 500-acre township both located within proximity of Johor Bahru City and the Eastern Gate Development.
This press release can be found in UMLand’s announcement made to Bursa Malaysia today at www.bursamalaysia.com
Issued by
UNITED MALAYAN LAND BHD
Kuala Lumpur
1 October 2009
About United Malayan Land Bhd (www.umland.com.my)
Listed on the Main Market of Bursa Malaysia, UMLand is a major property developer in Malaysia. Its major shareholders include CapitaLand Limited, Tradewinds Corporation Berhad and Chee Tat Holdings (S) Pte Ltd.
UMLand operates two development divisions namely the Township and Niche Development Divisions.
The Township Division has three integrated township developments with a total land area of more then 5,000 acres located in Johor (Bandar Seri Alam and Taman Seri Austin) and Selangor (Bandar Seri Putra).
The Niche Development Division has developed 600 units of luxury condominiums within the city’s transportation hub – KL Sentral (Suasana Sentral Loft); and 246 units of condominiums in the Golden Triangle downtown Kuala Lumpur (Seri Bukit Ceylon) a freehold city serviced residences development managed by the renowned Ascott International Management Group, a world leading serviced residence’s owner and operator. It is currently developing a project called Suasana Bangsar, a 190-unit residential development located in the up market suburb of Bangsar. In addition, this Division has four new projects in hand, located within the vicinity of KLCC, Golden Triangle and downtown Johor Bahru.
Issued by United Malayan Land Bhd. For further information, please contact Ms CK Leong at +603 2142 1611 (Investor Relations Unit) or email at ir@umland.com.my
Please visit www.umland.com.my/investor/ir_home.html for more details.
