L-R, General Manager, Mulpha International Berhad David Choa Der Huay, Chief Financial Officer Mulpha International Berhad Eric Lee Eng Leong, Executive Chairman Mulpha International Berhad Lee Seng Huang, Group Managing Director/Chief Executive Officer UEM Group Berhad Datuk Izzaddin Idris, Managing Director/Chief Executive Officer UEM Sunrise Berhad Anwar Syahrin Abdul Ajib and Chief Operating Officer, Commercial UEM Sunrise Berhad Raymond Cheah at Signing ceremony between UEM Sunrise Bhd and Mulpha International Bhd . AZLINA ABDULLAH/The Star
KUALA LUMPUR: UEM Sunrise Bhd
and Mulpha International Bhd, two property developers with interests in Johor, will jointly develop a mixed development project with a gross development value (GDV) of RM5bil near the Malaysia-Singapore Second Link in Iskandar Malaysia.
The companies have an equal share in the joint-venture (JV) company that will develop the multi-billion-ringgit project on three parcels of land for up to 20 years.
The landbank to be developed under the JV includes 129.79 acres belonging to UEM Sunrise in Gerbang Nusajaya in Mukim Tanjung Kupang, and 65.48 acres belonging to Mulpha in Mukim Pulai that will be converted for commercial use. These parcels are also located next to Leisure Farm, a 1,765-acre gated project owned by Mulpha.
The JV will see both companies capitalising on each other’s strengths and expertise to tap integrated synergies, with Mulpha leading the design and planning of UEM Sunrise’s land, while UEM Sunrise will focus on tapping its strengths for developing mixed-use developments to lead and plan the development of Mulpha’s land.
“We are excited to be expanding our synergistic collaboration with Mulpha that will integrate both our respective Gerbang Nusajaya and Leisure Farm master plans towards our goal of transforming Gerbang Nusajaya, the second wave of development of Iskandar Puteri, into an attractive and highly liveable area,” UEM Sunrise’s managing director and chief executive officer Anwar Syahrin Abdul Ajib told a press conference to announce the partnership.
The first phase of the JV project will be launched in 2018 and there will 12 phases in total.
“The first phase with a GDV of RM150mil will likely be the super link and semi-Ds that are next to Leisure Farm. While on the Gerbang side, it would likely be shophouses to support the industries there. There will also be affordable housing in Gerbang,” said UEM Sunrise chief operating officer Raymond Cheah.
