UMLand focusing on affordable, landed homes in Iskandar M’sia

JOHOR BARU: United Malaysian Land Bhd (UMLand) is focusing on building landed properties and affordable homes as there is an abundant supply of residential high-rise properties in Iskandar Malaysia.

Group chief executive officer Datuk Charlie Chia Lui Meng said the take-up rate for its landed properties, especially in townships such as Bandar Sri Alam, Taman Seri Austin and Taman Seri Albion, was good.

“We are targeting first-time home owners and residents in Iskandar to own a house within their means,” he said.

On complaints that loans are difficult to get, Chia is confident that Bank Negara will make adjustments when it comes to giving out loans once the property market settles itself.

He said this after the groundbreaking ceremony of UMCity Medini Lakeside, which is a waterfront mixed integrated development in Medini Iskandar. The project, with gross development value of RM1.2bil, spans over 2ha. Johor Mentri Besar Datuk Mohamed Khaled Nordin was also present at the event.

“Presently, we are looking at investor market more than home buyers for this project. “We want people with spare cash to invest in this project, which will yield good returns,” he said, adding that UMLand hoped to break its record of achieving RM1bil sales this year.

Chia is also confident that UMCity will contribute 20% to the group’s sales this year.

“We are banking on our reputation as a good developer.” he said, adding that Medini was an ideal international enclave with tax incentives, no sales restrictions on foreign ownership, no minimum RM1mil threshold and no real property gains tax.

Chia said that upon completion in 2018, UMCity would be home to Citadines Medini by The Ascott Ltd from Singapore, Sharma Medini residences and OZO Medini Hotel by Onyx Hospitality Group of Thailand and Regus Serviced offices by Regus from Luxembourg.